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Nifty July Futures (7,733)
The nifty futures contract opened at 7,751 and has been consolidating sideways in a narrow range between 7,730 and 7,755 since then. Traders can desist trading in the contract as long as it trades in this range. Only a decisive fall below 7,730 will be a cue for initiating fresh short position with a stop-loss at 7,735 levels. In that scenario the contract can decline to 7,700. Next key supports are at 7,680 and 7,650.
But, a break above 7,755 can take the contract higher to 7,765. An emphatic break of 7,765 is needed to reinforce bullish momentum and take the contract northwards to 7,785 and then 7,800.
Strategy: Initiate fresh short on a decline below 7,730 with a stop-loss at 7,735 levels.
Supports: 7,730 and 7,700
Resistances: 7,755 and 7,765
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