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Nifty September Futures (8,136)
Following a flattish open at 8,135 levels, the Nifty futures contract witnessed buying interest and recorded an intra-day high at 8,166.
However, the contract reversed direction failing to sustain its intra-day gains. It marked an intra-day low at 8,111 levels. The movement of the contract is volatile for the session. Hence, traders with a near-term perspective should tread with caution keeping weekend also on the back of their mind. Failure to rally above 8,150 will be a cue for initiating fresh short position with a stop-loss at 8,150 levels. The contract can decline to 8,120 and then to 8,100 levels.
A conclusive fall below the key support at 8,100 can pull the contract down to 8,070 and 8,050 levels. But, for bullish momentum, the contract needs to decisively rally above 8,150. In that scenario, the contract trend northwards to 8,175 and 8,200 levels.
Strategy : Sell the contract on a downward reversal from 8,150 levels while keeping this level as a stop-loss.
Supports : 8,120 and 8,100
Resistances : 8,150 and 8,175
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