Nifty 50 August Futures (11,355)

The Nifty 50 futures contract is trading on a positive note. The contract opened with a 24-point gap-up at 11,306 and surged to a high of 11,365. It is currently hovering around the day's high.

The near-term view is positive. A rise to test 11,400 is likely in the coming sessions. A strong break above 11,400 can boost the momentum. Such a break will increase the likelihood of the contract extending its up-move to 11,440 or even higher thereafter.

Short-term traders with a high-risk appetite can go long at current levels. Stop-loss can be placed at 11,335 for the target of 11,395. Revise the stop-loss higher to 11,365 as soon as the contract moves up to 11,375.

Immediate support is at 11,345 and the next key support is at 11,330. The near-term view will turn negative only if the contract breaks below 11,330. Such a break will take the contract lower to 11,290.

Strategy:   Go long with a stop-loss at 11,335

Supports:  11,345, 11,330

Resistances:  11,400, 11,440

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