Nifty August Futures (8,606)
The Nifty August futures started the session with a negative open at 8,599 levels and started to waver between positive and negative territory. It marked an intra-day high at 8,619 and low at 8,583 levels. The sideways movement shows indecisiveness.
As long as the contract trades between 8,580 and 8,620, traders with a short-term view should tread with caution. Only a strong move above 8,620 will strengthen the bullish momentum and take the contract higher to 8,650 and 8,670 levels in the near term.
In such a scenario, traders can consider initiating fresh long position with a fixed stop-loss. Conversely, decisive fall below 8,580 will add selling pressure to the contact and drag it down to 8,550 or even to 8,530 levels in the same time frame. Therefore, traders can go short on strong fall with a tight stop-loss. Next key support is pegged at 8,500 levels.
Strategy : Desist trading in the contract as long as it moves sideways in the band between 8,580 and 8,620 levels.
Supports: 8,580 and 8,550
Resistances: 8,620 and 8,650