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Nifty October Futures (7,988)
Ahead of long festival holidays, the Nifty contract opened on a negative note at 7,990 and remains volatile. It is moving in a narrow range between 7,970 and 8,006.
Therefore, traders should trade with caution. A decline below the immediate key support level of 7,970 will be a cue for initiating fresh short position with a stop-loss at 7,975 levels. In that scenario, the contract can decline to 7,950 and 7,930 levels. Next significant support is pegged at 7,900 levels. On the other hand, an emphatic rally above 8015 can reinforce bullish momentum and take the contract higher to 8,030 and 8,050 levels.
Strategy : Sell on a decline below 7,970
Supports : 7,970 and 7,950
Resistances : 8,015 and 8,030
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