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Nifty 50 August Futures (8,638)
Following a positive open at 8,680, the Nifty futures contract moved up to record an intra-day high of 8,693.80. However, experiencing selling pressure ahead of the key resistance at 8,700, the contract changed direction and began to decline.
It slipped in to the negative territory breaching an immediate support at around 8,677. The contract then breached a key base level at 8,650 and marked an intra-day low of 8,616.
Though the contract is trying to recover from the intra-day low, selling pressure is returning at higher levels.
Traders with a short-term view can make use of rallies to initiate fresh short positions while maintaining a stop-loss at 8,660. Resumption of the downtrend can pull the contract down to 8,615 and then to 8,600 levels.
Further slump below 8,600 will strengthen the bearish momentum and drag the contract down to 8,580 and 8,550 levels. Key resistances beyond 8,675 are at 8,700 and 8,730.
Strategy: Sell on rallies with a stop-loss at 8,660
Supports : 8,615 and 8,600
Resistances : 8,650 and 8,675
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