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Nifty July Futures (7,768)
The Nifty futures contract opened at 7,810 and then marked an intra-day high at 7,817. Subsequently, the contract started to experience selling interest and declined below its immediate support of 7,800 levels.
The contract marked an intra-day low of 7,753 and is consolidating sideway with negative bias. Traders with near-term perspective could initiate fresh short position only if the contract declines below 7,750 levels with same level as stop-loss. Targets are 7,727 and 7,700.
However, a strong move above 7,800 will reinforce bullish momentum and take the contract higher to 7,820.
Strategy : Go short on a fall below 7,750
Supports: 7,727, 7,700 and 7,680
Resistances: 7,780, 7,800 and 7,820.
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