Nifty 50 February Futures (8,845)

Following a gap up open at 8,869.7, the Nifty futures contract recorded an intra-day high of 8,872 and began to decline, witnessing selling pressure as well as profit-taking.

The contract however found support at its intra-day low of 8,800 and began to trend upwards.

The key support at 8,800 has provided base for the contract. The near-term trend is up. The outlook will remain positive as long as the contract trades above the key support level of 8,800.

Traders with a short-term view can stay invested with a stop-loss at 8,820.

Key immediate supports are at 8,830 and 8,800. Only a conclusive fall below 8,800 will bring back selling pressure and pull the contract down to 8,770 and then to 8,750 levels.

On the upside, strong rally beyond 8,870 can push the contract higher to 8,880 and then to 8,900 levels in the near term.

Strategy: Outlook will remain positive as long as the contract trades above 8,800 levels. Hold long positions with a higher stop-loss at 8,820 levels.

Supports: 8,830 and 8,800

Resistances: 8,870 and 8,880