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Nifty August Futures (7,934)
The Nifty futures contract opened up a gap at 7,930, after closing at 7,906 levels on Tuesday. While the bullish momentum remains intact, resistance at 7,950 will act as a key hurdle.
Traders should desist from trading as long as the contract hovers in the band between 7,920 and 7,950 levels. Fresh long positions should be initiated only if the contract decisively breaches 7,950 levels, keeping stop-loss at these levels. The contract can then trend northwards to 7,980 and 8,000 levels.
On the downside, a fall below 7,900 can drag the contract down to 7,870 and then to 7,850 levels. Immediate support is pegged at 7,920 levels.
Strategy: Initiate fresh long positions only if the contact breaches 7,950 levels, with stop-loss at this level.
Supports: 7,920 and 7,900
Resistances: 7,980 and 8,000
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