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Nifty 50 February Futures (10,785)
The Nifty 50 futures contract is retaining its momentum after surging over a per cent on Wednesday. The key near-term support at 10,735 is holding well.
The index futures made an intraday low of 10,736.6 and has reversed sharply higher from there. The near-term view remains positive.
Immediate supports are at 10,770 and 10,755 which are likely to limit the downside now. A strong break above the psychological resistance level of 10,800 will boost the momentum. Such a break will then increase the likelihood of the contract extending its upmove towards 10,850 and 10,870 in the coming sessions.
Traders can go long at current levels and also accumulate on dips at 10,770. Stop-loss can be placed at 10,745 for the target of 10,845.
Revise the stop-loss higher to 10,805 as soon as the contract moves up to 10,815. The bullish outlook will get negated only if the index futures decline below 10,730. The next targets are 10,700 and 10,660. But such a sharp fall looks unlikely at the moment.
Strategy: Go long at current levels and at 10,770 with a stop-loss at 10,745
Supports: 10,770, 10,755
Resistances: 10,800, 10,850
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