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Nifty September Futures (8032)
The Nifty futures opened on a negative note at 8,051 from its previous close of 8,062. It continues to trade in negative territory, registering an intra-day high at 8,056 levels. Global markets continue to show signs of bearishness. The domestic market is witnessing selling pressure and remains in a near-term downtrend. Traders with a short-term perspective can consider holding their short positions with a stop-loss at 8,050 levels. Also, make use of rallies to initiate fresh short positions with the same stop-loss.
The contract can decline and test support at 8,000. A further fall below this level can take the contract down to 7,970 and 7,950 levels. But the contract needs to rally conclusively above 8,100 levels to signal a possible reversal. Immediate resistance are at 8,050 and 8,080 levels.
Strategy: Sell the contract on rallies with a stop-loss at 8,050 levels.
Supports: 8,000 and 7,970
Resistances: 8,050 and 8,080
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