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Nifty 50 February Futures (10,825)
The Nifty 50 futures contract has reversed sharply higher from the day's low, recovering most of its losses. The contract opened with a wide 93-point gap-down at 10,794 and tumbled to an intra-day low of 10,725. The index futures have clawed back from the day's low, breaking above the psychological level of 10,800.
Supports are at 10,810 and 10,780, which can limit the downside. The immediate resistance is at 10,845. A strong break above it can take the contract higher to 10,900. It will also keep the possibility high for the contract targeting 11,000 in the short term.
Traders can go long at current levels and also accumulate on dips at 10,810. Stop-loss can be placed at 10,785 for the target of 10,895. Revise the stop-loss higher to 10,840 as soon as the contract moves up to 10,855.
Strategy: Go long at current levels and also accumulate on dips at 10,810, with a stop-loss at 10,785
Supports: 10,810, 10,780
Resistances: 10,845, 10,900
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