Comments
Nifty July Futures (7,736)
The nifty futures contract began the week on a flat note at 7,788. The contract marked an intra-day high at 7,803, but failed to surpass its resistance at 7,800. After witnessing selling pressure and some profit taking, the contract has been on an intraday-day downtrend. While trending down, the contract breached key supports at 7,765 and 7,750. Traders can consider initiating short position in rallies with a stop-loss at 7,750.
The contract can once again decline to 7,725 and then to 7,700. Next key supports are at 7,680 and 7,650.
On the upside, only a decisive rally above 7,765 can take the contract higher to 7,785 and then to 7,800 levels.
Strategy: Initiate short position with a stop-loss at 7,750 levels.
Supports: 7,725 and 7,700
Resistances: 7,765 and 7,785
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.