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Nifty July Futures (7,513)
Following a negative opening at 7,565, Nifty futures surged sharply breaching its immediate key resistance at 7,600. After registering an intra-day high at 7,638, the contract failed to sustain above the 7,600 mark.
With selling pressure building up at higher levels, the contract started to decline giving away its intra-day gains. Breaching the support level of 7,550, the contract is hovering at 7,513.
Traders can initiate short position with a fixed stop-loss at 7,550 levels. Resumption of downtrend can pull the contract down to 7,500 and 7,480 levels. Next important support is at 7,450 level.
But, any short-covering in the tail-end of the trading session needs to breach the 7,560 and 7,600 levels. Subsequent resistance is pegged at 7,638.
Strategy : Go short on rallies with a stop-loss at 7,550
Supports : 7,480, 7,450
Resistances : 7,560 and 7,600.
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