Nifty July Futures (8,348)

The Nifty July futures contract opened the session with a downward gap at 8,361 levels and went on to mark an intra-day high at 8,414 levels.

After testing the key resistance at 8,400, the contract started to fall and found support at around 8,340 levels. This base level is providing a temporary cushion for the contract.

A decisive fall below 8,340 can pull the contract down to 8,320 and then to 8,300 levels. Next key supports are at 8,280 and 8,250 levels.

Traders with a short-term view can make use of rallies to initiate short position with a stop-loss at 8,375 levels. On the other hand, the contract needs to emphatically rally above 8,400 to strengthen the bullish momentum and take the contract higher to 8,425 and then to 8,450 levels.

Strategy : Initiate fresh short positions in rallies with stop-loss at 8,375

Supports: 8,340 and 8,320

Resistances : 8,375 and 8,400

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