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Nifty July Futures (7,787)
After registering an intra-day high of 7,812 Nifty futures contract started witnessing selling pressure and profit taking. It has been moving sideways between 7,780 and 7,800 since then. Traders can initiate fresh short position if the contact declines below 7,780 while maintaining a stop-loss at this level. The contract can fall to 7,760 and then to 7,740. However, if the contract does not record a decline, it can continue in its sideways band.
On the upside, the contact needs to decisively rally above 7,800 to strengthen the bullish momentum and accelerate the contract higher to 7,820.
Strategy : Initiate short position if the contract declines below 7,780
Supports : 7,760, 7,740 and 7,727
Resistances : 7,800 and 7,820.
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