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Nifty July Futures (7,795)
The Nifty futures contract is trading on a weak note today. After opening at 7,820 and recording a high of 7,832.8, the contract has reversed lower. The contract is finding it difficult to get past the resistance at 7,840 since yesterday.
Immediate support for the contract is at 7,784. Declines below this level will be bearish and can take it lower to 7,746. Traders can go short on a break of 7,784 with a stop-loss at 7,810 for the target of 7,846.
On the other hand, if the contract manages to bounce from the immediate support level of 7,784, it can rise to revisit 7,830 levels. However, the outlook will turn bullish only on a strong breach of 7,840. The ensuing target on such a break will be 7,880.
Strategy : Go short on a decline below 7,784.
Supports : 7,746 and 7,700
Resistances : 7,840 and 7,860
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