Nifty August Futures (8,469)
The Nifty futures contract started the session on a negative note with a gap down open at 8,468 levels. Though the contract subsequently witnessed a rally, the key resistance at 8,500 limited this.
After marking an intra-day high at 8,506, the contract resumed its decline once again. The near-term view will remain bearish as long as the contract trades below the key resistance level of 8,500. Therefore, traders with a short-term perspective can make use of rallies to initiate fresh short position with a stop-loss at 8,505 levels.
The contract can extend its decline and test the support at 8,450. Further fall below 8,450 can pull the contract down to 8,430 and then to 8,400 levels in the short-term. On the other hand, a strong breakthrough of 8,500 can push the contract higher to 8,530 and then to 8,550 levels.
Strategy : Make use rallies to initiate fresh short position on the contract while maintaining a stop-loss at 8,505 levels.
Supports: 8,450 and 8,430
Resistances : 8,500 and 8,530