Nifty August Futures (7,726)
In the last session, Nifty futures contract breached the key resistance at 7,750 levels and closed at 7,772 levels.
But the contract opened below the resistance at 7,747 on Wednesday and under selling pressure. It recorded an intra-day high at 7,759 and low at 7,717 levels.
Traders with a short-term perspective can sell the contract on rallies with a tight stop-loss at 7,750 levels. The contract can decline to 7,700 levels. A fall below this support can drag the contract down to 7,675 and then 7,650 levels.
Nevertheless, a strong rally above 7,750 is needed to reinforce bullishness and push the contract northwards to 7,772 and 7,800 levels.
Strategy : Initiate short position with a fixed stop-loss at 7,750 levels.
Supports : 7,700 and 7,675
Resistances : 7,750 and 7,772