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Nifty October Futures (8032)
Nifty futures started the week on a strong note at 8061. But, it subsequently began to decline witnessing selling pressure, after recording the intra-day high at 8061. The contract gave away its intra-day gains and is wavering between positive and negative territory. The level 8023 is providing base for the contract.
Moreover, the contract has a significant support at 8,000 levels.
Therefore an upward reversal is possible from these supports. So, traders with short-term perspective can consider buying the contract in declines with a stop-loss at 7,990 levels. Targets are 8,050 and 8,075 levels.
However, a strong fall below 8,000 can drag the contract down 7,970 and then to 7,950 levels. In this scenario, trade with caution.
Strategy: Buy the contract on declines with a stop-loss at 7,990 levels.
Supports: 8,020 and 8,000
Resistances: 8,050 and 8,075
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