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Nifty August Futures (7,718)
The Nifty August futures contract opened lower at 7,686 levels from its previous close at 7,750. After the initial sell-off, the contract began to recover smartly from its intra-day low of 7,671. However, the contract was unable to breach its key resistance band between 7,745 and 7,750. Traders with a short-term perspective need to tread with caution as long as this resistance band holds. Only a conclusive move above 7,750 will reinforce bullish momentum. Next resistances are at 7,776 and 7,800.
On the downside, a strong decline below immediate support at 7,700 levels can take the contract down to 7,677 and 7,655 levels. In such a scenario, traders can initiate fresh short positions with a stop-loss at 7,710.
Strategy: Initiate fresh short positions only if the contract declines below 7,700 with a stop-loss at 7,710.
Supports: 7,677 and 7,655
Resistances: 7,750 and 7,776
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