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Nifty 50 September Futures (8,623)
The September month Nifty futures contract began trading on a positive note at 8,645 and witnessed an upmove to 8,664 levels.
However, the bullish momentum failed to sustain and the contract began to decline, breaching the key immediate support at 8,645 levels. The contract recorded an intra-day low at 8,606.
Traders with a short-term perspective can make use of rallies to initiate fresh short positions while maintaining a stop-loss at 8,650 levels.
Resuming its downtrend, the contract can test support at 8,600. An emphatic fall below this support can strengthen the downtrend and pull it down to 8,580 and then to 8,550 levels in the near future.
On the other hand, the contract has key resistance at 8,645. A strong rally beyond this level will alter the bearish stance and take the contract higher to 8,665 and then to 8,685 levels. Next key resistance is at 8,700.
Strategy : Sell the contract in rallies while maintaining a stop-loss at 8,650 levels.
Supports : 8,600 and 8,580
Resistances: 8,645 and 8,665
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