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Nifty July Futures (7,615)
The smart recovery in Nifty futures earlier in the session has failed to sustain and it has re-entered the negative territory.
Nifty futures initially registered an intra-day low of 7,567 and subsequently bounced up to mark an intra-day high of 7,669. Selling pressure and profit-taking is evident every time the contract approaches the positive territory.
Traders with a short-term perspective can go short with a stop-loss placed at 7,650. The contact can decline to 7,600 initially and then to 7,560. Subsequent supports are at 7,530 and 7,500.
Conversely, a strong rally above 7,650 can push the contract higher to 7,670 but this could be temporary. To strengthen the bullish momentum, the contract need to conclusively breach 7,670 levels for an upmove to 7,700. Next resistance is at 7,725.
Strategy : Sell on rallies with stop-loss at 7,650
Supports : 7,600, and 7,560
Resistances : 7,650 and 7,670.
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