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Nifty September Futures (8,088)
The Nifty futures contract has opened the week on a weak note. The contract opened with a gap down at 8,084. Intra-day resistance is at 8,100 and the outlook will remain bearish unless the contract breaches this level.
Short position can be taken if the contract fails to break 8,100 and reverses lower from there. Stop-loss can be kept at 8,115 for the target 8,075.
Intra-day support for the contract is at 8,070. A fall below this level can take the contract lower to 8,045.
The bearish outlook will get negated if the contract breaches 8,100 decisively. The ensuing target on such break will be 8,140.
Strategy : Go short with a stop-loss at 8,115
Supports: 8,070 and 8,045
Resistances : 8,100, 8,140
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