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Nifty October Futures (7901)
Following a gap up opening at 7,915 from its previous close of 7,897, the Nifty Futures witnessed some buying interest. But this bullish momentum started to fade and the contract began to decline marking an intra-day high at 7,959. The contract has given away most of its intra-day gains and has entered the negative territory now. Traders with a short-term perspective can consider selling the contract on rallies with a stop-loss placed at 7,920 levels. The contract can extend its decline to 7,875 and then to 7,850 in the near-term. Next key supports below 7,850 are pegged at 7,825 and 7,800 levels.
The Nifty Futures contract has to decisively rally beyond 7,950 to reinforce bullish momentum and take the contact higher to 7,970 levels.
Strategy : sell on rallies with stop-loss at 7,920
Supports : 7,875 and 7,850
Resistances : 7,920 and 7,950
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