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Nifty 50 August Futures (8,620)
The Nifty futures contract opened the day at 8,640 after taking mixed cues from the Asian markets.
It managed to advance and record an intra-day high of 8,682. However, the contract has declined after witnessing strong selling pressure at higher levels and has fallen below the immediate supports at 8,650 and 8,630.
The contract made an intra-day low of 8,617 and hovers around this level.
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.
The contract can decline to test support at 8,600. Further fall below 8,600 can pull it down to 8,580 and 8,550. Key resistances beyond 8,650 are at 8,675 and 8,700 levels.
Strategy : Make use of rallies to initiate fresh short positions with a stop-loss at 8,650.
Supports : 8,600 and 8,580
Resistances: 8,650 and 8,675
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