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Nifty 50 July Futures (8,328)
The Nifty futures contract began the session on a negative territory at 8,350 and continues to trade in this territory. It recorded an intraday high at 8,353 and started to decline, witnessing selling pressure.
However, the contract tested the key support at 8,300 and marked an intraday low at 8,295 before bouncing up. The contract has recovered some of its early loss. It now faces a key resistance at 8,330.
Strong rally beyond this level can push the contract higher to 8,350 and then to 8,375 levels in the near term. Next resistance is at 8,400.
Traders with a short-term view can initiate fresh long positions on a strong rally above 8,330 with a stop-loss at 8,320. Conversely, a fall below 8,315 can pull the contract down to 8,300.
A decisive downward breakthrough of the significant support at 8,300 will reinforce the bearish momentum and drag the contract down to 8,275 and 8,250 levels.
Strategy : Consider initiating fresh longs on a rally above 8,330
Supports: 8,315 and 8,300
Resistances: 8,350 and 8,375
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