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Nifty July Futures (7,655)
Nifty futures extended Monday’s bullish momentum and the contract opened with an upward gap of 7,646. The contract continues to trade above its previous close of 7,634, by marking an intraday-low of 7,637.
The near-term stance is bullish. The Nifty futures contract is now testing resistance at 7,660 levels. A strong move above this level will reinforce bullishness and take the contract northwards to 7,680 and 7,700. Traders can buy the contract with a stop-loss at 7,640 levels.
However, a fall below 7,635 will mar this near-term bullish view and drag the contract down to 7,620 and 7,600. In this scenario, traders can exit their long positions and wait for a corrective decline to halt at aforesaid support levels. The next support is below 7,600 is at 7,570.
Strategy: Buy with a stop-loss at 7,640
Supports: 7,635, 7,620 and 7,600.
Resistances: 7,680 and 7,700.
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