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Nifty 50 July Futures (8,644) The Nifty July futures started the session on a positive note, opening at 8,625. The contract marked an intra-day low at 8,615 and a high at 8,656 and currently trades sideways with a positive bias.
Traders with a short-term perspective can make use of dips to buy the contract while maintaining a fixed stop-loss at 8,620 levels. A strong rally beyond 8,650 can take the contract higher to 8,670 and 8,700 levels. But a decisive fall below key support at 8,615 will increase selling pressure and pull the contract down to 8,600.
A further fall below the significant base level of 8,600 will intensify the selling pressure and pull the contract down to 8,580 and 8,550 levels in the near term.
Strategy: Make use of dips to initiate fresh long positions with a stop-loss at 8,620 levels.
Supports: 8,625 and 8,615
Resistances: 8,650 and 8,670
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