Nifty August Futures (7,897) The Nifty futures contract opened flat today and is trading below its previous close at 7,909. After breaching its resistance at 7,870 on Monday, the contract now lacks momentum. The 7,870 level will act as a support for the contract. The contract could dip to 7,870 and test this support level today. Whether the contract reverses higher from there or breaches this level will decide its trend for the rest of the day.
A bounce-back from 7,870 will keep the overall bullish momentum intact. The contract can then rise to 7,900 and 7,920. In such a scenario, traders can go long at 7,880 with a stop-loss at 7,855 for the target of 7,910.
On the other hand, if the contract breaches 7,870, it can fall to 7,845 immediately and to 7,800 thereafter.
Strategy: Go long at 7,880 if the contract reverses higher from 7,870, with a stop-loss at 7,855.
Supports: 7,870, 7,845
Resistances: 7,920 and 7,955
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