Nifty 50 August Futures (8,665)
The Nifty 50 futures contract has been stuck in a narrow range of 8,650 and 8,700 over the last few sessions. A breakout on either side of this range will decide the next leg of moves.
A strong fall below the support at 8,645 can drag it lower to 8,600. On the other hand, if the contract manages to bounce back from current levels or after a dip to 8,650, a rise to 8,700 is likely. A strong break above 8,700 will strengthen the bullish momentum and take the index futures higher to 8,730 and 8,750 thereafter.
Traders with high risk appetite can go long on a reversal from 8,650 with a tight stop-loss at 8,635 for the target of 8,685.
Strategy: Go long on a reversal from 8,650 with a stop-loss at 8,635
Supports: 8,645, 8,600
Resistances: 8,700, 8,730