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Nifty September Futures (7,815)
The Nifty futures contract is trading volatile. The contract fell sharply after recording an intra day high of 7,874 to a low of 7,775. It has bounced back once again from this low and is hovering near a key intraday resistance at 7,820.
A strong break above this resistance will ease the downside pressure and take the contract higher to 7,870. A further break above 7,870 is unlikely as the overall downtrend remains intact.
Traders with high risk appetite can go short at current levels. Stop-loss can be kept at 7,845 for the target of 7,775.
Decline below the psychological 7,800 support will bring back the pressure on the contract. In such a case, a fall to 7,750 and 7,730 is possible today.
Strategy : Go short with a stop-loss at 7,845
Supports : 7,800, 7,750
Resistances : 7,820, 7,870
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