Nifty July Futures (7,781)
As the July month futures and options expires today, the Nifty July month future is very volatile. It opened on a marginally negative note at 7,776 and rose to its previous close at 7,788. The contract has been moving sideways in the band between 7,770 and 7,788. Only a decisive move on either side will decide the near-term view. A fall below 7,770 can pull the contract down to 7,750 and then to its next supports at 7,730 and 7,700. In this scenario, traders can initiate short position with a stop-loss at 7,770 levels.
Conversely, a strong rally above 7,800 is required to strengthen the bullish momentum and take the contract higher to 7,820 and 7,840 levels.
Strategy : Desist from trading as long as the contract trades between 7,770 and 7,790.
Supports : 7,770 and 7,750
Resistances : 7,800 and 7,820
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