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Nifty July Futures (7,746)
The Nifty futures contract decisively breached the key resistance level of 7,700 by opening at 7,715 levels. Now, 7,700 level will act as key support level for the contract. It managed to hold above this level by registering an intra-day low at 7,706 and trending northwards strongly. The contract is taking a breather as it tests the next resistance level at 7,750. Therefore, traders with a short-term perspective should tread with a caution at this juncture. Only a strong breach of 7,750 will be a cue for initiating fresh long position with a stop-loss at 7,740. Targets are 7,774 and 7,800 levels.
However, a decisive fall below 7,725 will bring back selling interest and drag the contract down to 7,700. Next important supports are pegged at 7675 and 7650 levels.
Strategy : Go long only if the contract braches 7,750 level.
Supports : 7,725 and 7,700
Resistances : 7,775 and 7,800
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