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Nifty August Futures (8,507)
The Nifty futures started the session near the previous close at 8,545 levels and continued to decline.
The contract registered an intra-day high at 8,560. After vacillating between negative and positive territory, it took a bearish stance and started to fall, breaching a key support at 8,530 and then at 8,500.
However, after marking an intra-day low at 8,584, the contract is attempting to form a base. The near-term trend is down from the contract.
Traders with a short-term perspective can initiate short position in rallies with a stop-loss at 8,535 levels.
A decisive fall below the important support level of 8,500 can pull the contract down to 8,480 and then to 8,450 levels. On the other hand, only an emphatic rally above 8,550 will restore the bullish momentum required to take the contract higher to 8,575 and then to 8,600 in the short term.
Strategy : Sell the contract in rallies while maintaining a stop-loss at 8,535 levels.
Supports : 8,480 and 8,450
Resistances : 8,530 and 8,550
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