Nifty August Futures (8,634)
The Nifty futures contract started the session on a negative note at 8,588 and immediately entered positive territory, recording an intra-day low at 8,580 levels. The contract decisively breached key resistance at 8,600 and went on to register an intra-day high at 8,647 levels. It faces resistance at 8,650 levels. As long as the contract trades above the immediate support level of 8,625, the near-term stance stays positive.
Traders with a short-term view can buy the contract on dips with a stop-loss at 8,620 levels. A decisive breakthrough of resistance at 8,650 can push the contract northwards to 8,675 and then to 8,700 levels. However, a conclusive fall below the key support level of 8,600 can pull the contract down to 8,580 and then to 8,550 levels in the short term.
Strategy: Make use of dips to buy the contract with a fixed stop-loss at 8,620 levels.
Supports: 8,625 and 8,600
Resistances: 8,650 and 8,675