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Nifty July Futures (7,748)
After a positive opening at 7,761, Nifty futures contract touched an intra-day high of 7,773. However, the subsequent selling pressure capped the upside, and the contract is moving sideways with a negative bias.
Inability to move past 7,760 will be cue for initiating fresh short position with a stop-loss at the same level. The contract can decline to 7,725 and then to 7,700. Key supports below 7,700 are at 7,680 and 7,660. Nevertheless, a conclusive move above 7,760 will alter the bearish outlook and take the contract higher to 7,775 and 7,800.
Strategy : Initiate short position if the contract fails to move past 7,760 with a tight stop-loss.
Supports : 7,725, 7,700 and 7,680.
Resistances : 7,775 and 7,800.
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