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Nifty 50 February Futures (11,042)
The Nifty 50 futures contract seems to have gained momentum as it has broken the prolonged sideways range above 11,000. Though the contract fell from the day's high of 11,045 it has reversed higher again from 11,006. This bounce back move indicates that the index future is getting fresh buyers near the psychological level of 11,000.
The outlook is bullish. Resistance is at 11,060, but the contract is likely to breach it. Such a break can take the Nifty 50 futures contract higher to 11,100 and 11,150 in the coming sessions.
Traders can go long at current levels. Stop-loss can be placed at 11,015 for the target of 11,110. Revise the stop-loss higher to 11,065 as soon as the contract moves up to 11,080. The bullish outlook will get negated only if the contract declines below 11,000. The next targets are 10,970 and 10,950.
Strategy: Go long at current levels with a stop-loss at 11,015
Supports: 11,035, 11,000
Resistances: 11,060, 11,100
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