?Nifty March Futures (8,797)
The Nifty futures contract is trading on a positive note ahead of the Budget tomorrow.
The contract opened with a gap up at 8,769 and fell to a low of 8,752.30 initially. However, the fall was short-lived and the contract has reversed sharply higher from this low.
The intraday outlook is bullish. Supports are at 8,770 and 8,750. Immediate resistance is at 8,820 which is holding as of now. A strong break above this resistance can take the Nifty futures contract higher to 8,850 during the day.
Traders can go long at current levels. Stop-loss can be placed at 8,765 for the target of 8,840.
The outlook for the Nifty futures contract will turn bearish only on a strong break below 8,750. The next targets will be 8,725 and 8,700.
Strategy: Go long with a stop-loss at 8,765
Supports: 8,770, 8,750
Resistances: 8,820, 8,850?