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Nifty 50 September Futures (8,793)
The Nifty 50 futures contract opened the expiry week on a negative note with a gap-down at 8,813.
The contract failed to sustain above 8,800 and has declined below this psychological support to make an intraday low of 8,785.
Though it has bounced slightly from this low, it seems to lack strength to rise past 8,800. Immediately, the outlook is negative and there is a strong likelihood of the contract breaking below 8,785 and declining to 8,765 initially.
Further, a break below 8,765 can drag it to 8,740. But, if the contract manages to reverse higher from 8,765, it can rise to test 8,800 once gain during the day.
Traders with a high-risk appetite can go short. Stop-loss can be placed at 8,810 for the target of 8,865.
The downside pressure will ease only if the contract breaks above 8,820.
Supports: 8,785, 8,765
Resistances: 8,800, 8,820
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