Nifty October Futures (8,010)

The market remains choppy, with one more trading day left for the week. The Nifty futures contract opened lower at 7,981 today. However, it managed to bounce above 8,000 levels immediately after, recording a low of 7,979. The contract is getting strong support near 7,980, which is limiting the downside.

A rise to test resistance at 8,040 looks likely now. A strong break above this resistance can take the contract further higher to 8,070 during the day today. Traders can go long with a stop-loss at 7,970 for the target of 8,065.

The outlook for the Nifty futures will turn bearish only on a strong fall below 7,980. Subsequent targets will be 7,950 and 7,935.

Strategy: Go long with a stop-loss at 7,970

Supports: 7,980, 7950

Resistances: 8,040, 8,070​

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