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Nifty August futures (7,675)
The Nifty August futures contract opened with an upward gap today at 7,661.15. The index is trading on a positive note after witnessing a sharp sell-off on Thursday and Friday. Key intraday resistances are at 7,690 and 7,700. The contract is struggling to breach these levels; keeping the index under pressure. The other significant resistances above 7,700 are 7,720 and 7,755. The outlook for the index will turn positive only on a strong breach of 7,755.
Support is at 7,660 . The intraday price action on the candle stick chart suggests that the probability is high for the index to break this support and extend its fall during the day. Declines below this level can trigger a fall to 7,600. Intraday traders can go short with a stop-loss at 7,710.
Strategy : Go short with a stop-loss at 7,710
Supports : 7,660 and 7,600
Resistances : 7,790 and 7,720
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