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Nifty June Futures (8,096) Significant support at around 8,000 provided a base for the Nifty futures on Wednesday. After testing this support level recently, the contract bounced up, gaining more than 65 points in Wednesday's trading session.
It started the session at 8,025 levels, marked an intra-day low at 8,011, before recording an intra-day high at 8,112. The contract now tests an important resistance at around 8,100 levels.
A decisive rally above this level will maintain the bullish momentum and push the contract higher to 8,130 and then to 8,150 levels. The next key resistances are at 8,177 and 8,200 levels.
As long as the contract trades above the immediate base level of 8050 levels, the bullish momentum can sustain. But, a conclusive fall below 8,050 can drag the contract down to 8,020 and 8,000 levels once again. Traders with a short-term perspective can hold their long position with a stop-loss at 8,050 levels.
Strategy: Hold on to long positions with a stop-loss maintained at 8,050 levels.
Supports: 8,075 and 8,050
Resistances: 8,130 and 8,150
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