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
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.