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Nifty July Futures (8,364)
The Nifty July futures started the session on a positive note at 8,380 levels.
It recorded an intra-day high at 8,389 levels and failed to sustain its bullish momentum. The contract registered an intra-day low at 8,326 giving away its initial gains and is continuing to trade volatile. Inability to surpass the immediate resistance 8,380 level will be a cue for initiating fresh short position with a stop-loss at 8,385 levels.
The contract can decline and retest the support at 8,330 levels with a minor pause at the immediate support level of 8,350. A further fall below this level can pull the contract down to 8,300 levels. Next supports are place at 8,275 and 8,250 levels. On the other hand, strong rally above 8,380 can see some hurdle at 8,400 levels. A decisive rally above 8,400 can push the contract northwards to 8,420 levels and 8,440 levels.
Strategy : Inability to move beyond 8,380 will be a cue for initiating fresh short position with a stop-loss at 8,385 levels.
Supports : 8,330 and 8,275
Resistances : 8,380 and 8,400
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