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Nifty October Futures (7,863) The Nifty futures contract started the week on a negative note with a gap down opening at 7,835 from its previous close at 7,886. However, taking support around its intra-day low of 7,817, the contract has been on a steady recovery mode. Traders with a short-term perspective can consider buying the contract on dips while maintaining a fixed stop-loss at 7,835. An upward reversal from the immediate support at 7840 can take the contract higher to 7886 and then to 7900 levels. Subsequent resistance is at 7,930.
But a steep fall below 7,840 will mitigate the positive view and pull the contract down to 7,817 and 7,800. The next support below 7,800 is at 7,773.
Strategy: Buy on declines with a stop-loss maintained at 7,835 levels.
Supports : 7,840 and 7,817
Resistances: 7,886 and 7,900
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