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Nifty July Futures (7,625)
Nifty futures opened the week on a strong note. The contract surged, breaching the psychological as well as the short-term resistance level of 7,600. The outlook is bullish. The level of 7,600 will now act as a good support for the contract. The contract can rise further to 7,660 levels during the day. Resistances for the contract are placed at 7,660 and 7,685.
The bullish outlook will reverse only if the contract declines below 7,600. The ensuing targets on such a break will be 7,580 and 7,550. But the probability of such a fall looks less likely.
Strategy: Go long at current levels and also accumulate if the contract declines to 7,600 during the day. Stop-loss can be placed at 7,585.
Supports: 7,600, 7,580, 7,550.
Resistances: 7,660, 7,685, 7,700.
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