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Nifty October Futures (8,016)
The Nifty futures contract opened on a positive note at 8,010, and continues to remain in the positive territory after marking an intra-day low at 8,003. But the contract is witnessing selling pressure at higher levels. A failure to rally above 8,030 will be a cue for initiating fresh short position with a stop-loss at 8,035 levels. The contract can test its support at 8,000 levels. A fall below this support level will reinforce selling pressure and drag the contract further down to 7,977 and then to 7,950 levels. Next key support is pegged at 7,930 levels.
To reinforce the bullish momentum, the contract needs to rally above 8,050 levels. Key resistance beyond this level is at 8,075.
Strategy : Sell the contract in rallies with a stop-loss at 8,035 levels.
Supports : 8,000 and 7,977
Resistances : 8,030 and 8,050
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