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Nifty April Futures (8,762)
Following a positive opening at 8,797 levels, the Nifty futures encountered a key resistance at 8,800 and reversed down experiencing selling pressure. However, after marking an intra-day low at 8,716 levels, the contract bounced up and is currently hovering around 8,755 levels. Initiate fresh long position if the contract moves above the immediate resistance level of 8,775 levels with a stop-loss at 8,760 levels. For an initial target of 8,800 levels. A strong break above 8,800 is needed to reinforce further bullish momentum and take the contract northwards to 8,824 and then to 8,850 levels.
On the other hand, a decline below the support level of 8,734 can pull the contract down to 8,716 and 8,700 levels. Next significant supports are placed at 8,674 and 8,650 levels.
Strategy : Initiate fresh long position if the contract moves above the immediate resistance level of 8,775 with a stop-loss at 8,760 levels.
Supports : 8,734 and 8,716
Resistances : 8,775 and 8,800
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