Nifty September Futures (7,977)
After Tuesday’s sell-off, the Nifty futures contract opened gap up at 7,994 levels, from its previous close of 7,960. However, the contract encountered resistance around 8,010 and started to decline. Therefore, traders with a short-term perspective should tread with caution. Fresh short position can be initiated only if the contract declines below 7,960 levels with a stop-loss at 7,975 levels. In such a scenario the contract can decline to 7,940 and 7,920 levels. Next important support is at 7,900 levels. Conversely, a decisive rally above 8,010 can push the contract higher to 8,030 and then to 8,050 levels. Subsequent resistances are at 8,080 and 8,100 levels.
Strategy : Initiate fresh short position only if the contract declines below 7960 levels with a stop-loss at 7975 levels.
Supports : 7960 and 7940
Resistances : 8010 and 8030
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