Nifty July Futures (8,354)

The Nifty futures contract is getting support near 8,335. The contract fell to a low of 8,336.85 from the intraday high of 8,385.50 and is currently bouncing from this low.

However, there is a key intraday resistance at 8,370 which can restrict the upside for the contract. A reversal from this resistance can drag the contract lower to 8,335 once again. A break below this support can take it to the next target of 8,300. It will also increase the danger of the contract declining further below 8,300.

Traders can go short. Stop-loss can be kept at 8,375 for the target of 8,320.

Downside pressure will ease if the contract manages to breach the immediate resistance at 8,370. Such a break can take it higher to 8,400 there after.

Strategy : Go short with a stop-loss at 8,375

Supports : 8,335, 8,300

Resistances : 8,370, 8,400