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Nifty 50 August futures (11,310)
The Nifty 50 futures seems to be lacking the strength to extend its up-move. The contract has come off after hitting a new high of 11,345 on Monday. It made a low of 11,290 today and has been oscillating around 11,300 for some time.
The key support at 11,290 is holding well. As long as the contract sustains above this support, an up-move to 11,355 is likely in the coming sessions. On the other hand, if the index futures decline decisively below 11,290, it can come under pressure. In such a scenario, a fall to 11,270 would be seen initially. A further break below 11,270 could then drag the index futures lower to 11,245.
Short-term traders with a high risk appetite can go long at current levels. Stop-loss can be placed at 11,280 for the target of 11,350. Revise the stop-loss higher to 11,315 as soon as the contract moves up to 11,325.
Strategy: Go long with a stop-loss at 11,280
Supports: 11,290, 11,270
Resistances: 11,330, 11,355
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