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Nifty 50 August Futures (11,485)
The Nifty 50 futures contract is trading on a positive note. The contract opened with a 20-point gap-up at 11,439 and surged to a high of 11,493. The contract is continuing to hover around the day's high for some time now. A key resistance is near current levels at 11,500. Further rally in the contract is possible only if the index futures manages to breach this hurdle decisively. Such a break will see the contract rallying to 11,545. Further break above 11,545 will then pave way for the next target of 11,600.
Traders can go long only if the contract breaks above 11,500. Stop-loss can be placed at 11,480 for the target of 11,545. Revise the stop-loss higher to 11,515 as soon as the contract moves up to 11,525.
Support for the contract is at 11,475. The near-term view will turn negative if the contract breaks below this support. In such a scenario, a fall to 11,450 and 11,430 is possible.
Strategy : Go long on a break above 11,500 with a stop-loss at 11,480
Supports : 11,475, 11,450
Resistances : 11,500, 11,545
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