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Nifty September Futures (8,067)
The Nifty futures contract started the week on a negative note with a gap down opening at 8,100 levels from its previous close of 8,137 levels.
The opening level turned into intra-day high for the session. The contract is experiencing selling pressure in line with Asian stocks. This could also be partially attributed to profit-taking in some sectors such as IT, auto and metal.
However, mid- and small-cap indices are trading in the positive territory. The Nifty futures contract has breached the key support at 8,080 and has also tested its next support at 8,050 levels.
Traders can consider holding their short positions with a stop-loss at 8,080 levels. Resumption of the decline can make the contract re-test 8,050 and fall further to 8,020 levels in the near term. But a decisive rally above 8,080 can take the contract higher to 8,100. To reinforce bullish momentum, the contract needs to move above 8140.
Strategy: Sell on rallies with stop-loss at 8,080
Supports : 8.050 and 8.020
Resistances : 8.080 and 8.100
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