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Nifty 50 July Futures (8,610) The Nifty July futures contract started the session in positive territory at 8,602. Experiencing buying interest, the contract surged to an intra-day high of 8,667. However, the contract failed to sustain its bullish momentum and erased its intra-day gains thereafter.
Breaking the key support at 8,600, the contract declined to an intra-day low at 8,566 levels.
From an intra-day perspective, the contract now tests key resistance at 8,600. A strong rally beyond this level and the next key resistance at 8,620 will strengthen the bullish momentum. In that case, the contract can rally to the 8,640 and 8,650 band. But the inability to move beyond 8,620 will keep the index under selling pressure.
A decisive fall below 8,580 can pull the contract down to 8,566 and then to 8,550 levels. The next key supports are at 8,530 and 8,500 levels.
Strategy: Consider initiating fresh long positions on a rally beyond 8,620
Supports: 8,600 and 8,580
Resistances: 8,620 and 8,650
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