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Nifty 50 August Futures (11,306)
Nifty 50 futures contract had come-off after making an all-time high of 11,330.85 earlier during the day. However, the contract has managed to bounce back after making a low of 11,285 and is hovering above the psychological 11,300 mark.
A key intraday support is at 11,295. As long as the contract remains above this support, the outlook will remain positive and an upmove to 11,350 is possible.
Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 11,285 for the target of 11,345. Revise the stop-loss higher to 11,315 as soon as the contract moves up to 11,325.
The bullish outlook will get negated if the index futures breaks below 11,295 decisively. Such a break can take the contract lower to 11,275 initially. Further break below 11,275 can drag index futures to 11,250 or even lower.
Strategy: Go long with a stop-loss at 11,285
Supports: 11,295, 11,275
Resistances: 11,330, 11,350
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