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Nifty September Futures (8,090)
The Nifty futures contract opened the day on a negative note with a gap down at 7,964.7. However, the contract has surged sharply after recording a low of 7,956 and is up over a per cent now. The contract is getting strong support near 7,950 levels since Tuesday.
Immediate resistance is at 8,100. Since the contract has risen so sharply today in a very short span of time, there is a strong probability that the resistance at 8,100 will restrict further rise in today's trade.
An inability to breach 8,100 can trigger an intra-day reversal to 8,050. In such a scenario, short-term traders can go short with a tight stop-loss at 8,115 for the target of 8,060.
On the other hand, if the contract manages to breach 8,100 during the day, the rally can extend to test the next resistance at 8,125.
Strategy : Go short on a reversal from 8,100 with a stop-loss at 8,115
Supports : 8,045 and 8,000
Resistances : 8,100, 8,125
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