Nifty August Futures (7,957) The Nifty futures contract could witness volatile movement due to F&O expiry today. It is currently up 26 points.
The contract opened with an upward gap at 7,952 levels and went on to record an intra-day high at 7,967 in early session. Since then, the contract has been consolidating sideways in a band between 7,940 and 7,967. A conclusive fall below 7,940 will be the cue for traders with a short-term perspective to initiate a short position while maintaining a stop-loss at 7,945 levels.
The contract can decline to 7,920 and 7,900. The next significant supports are at 7,870 and 7,850 levels. But, a decisive break of 7967 levels can take the contract higher to 7,980 and 8,000 levels.
Strategy: Consider initiating fresh short positions only on a decline below 7,940 levels with a stop-loss at 7,945.
Supports: 7,920 and 7,900
Resistances: 7,980 and 8,000
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