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Nifty August Futures (7,983)
The Nifty futures contract opening with a huge gap down for the second consecutive trading day is not a good sign. The contract opened at 8,010 and recorded a high of 8,074. It then reversed sharply lower from this high to a low of 7,931.8.
The bounce from this low is not gaining momentum to breach the psychological 8,000 levels. It also suggests that there is lack of fresh buying interest in the market.
The outlook is bearish with resistances at 8,010 and 8,035. Support is at 7,960. A break below this level can drag the contract lower to 7,930 and 7,900 today.
Traders with a short-term perspective can go short. Stop-loss can be placed at 8,015 for the target of 7,935.
Strategy: Go short with a stop-loss at 8,015
Supports: 7,960, 7,930
Resistances: 8,010, 8,035
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