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Nifty July Futures (7,692)
The Nifty futures opened with an upward gap at 7,701.3 levels from its previous close of 7,669. However, this bullish momentum started fading after marking an intra-day high at 7,719.
Volatile movement is evident on the charts with a negative bias. The Nifty futures contract is trading at a marginal discount to the Nifty index. The contract is testing a key resistance at 7,700.
Traders can initiate short positions with a stop-loss at 7,705. A downward reversal can pull it down to fill the gap and reach 7,669 initially and then 7,650 levels. Next supports are pegged at 7,625 and 7,600.
But a decisive move above 7,700 will reinforce bullish momentum and take it higher to 7,720 and then 7,750 levels.
Strategy : Initiate short position with a stop-loss at 7,705.
Supports : 7,669 and 7,650
Resistances : 7,700 and 7,720
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