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Nifty July Futures (7,545)
For the second consecutive day, the Nifty futures has failed to sustain its gap up opening. The contract has declined after recording a high of 7,575 immediately after the market opened, and has now closed the gap.
The contract has recorded a low of 7,535.5 and is now reversing higher again. Immediate resistance for the contract is at 7,555. Inability to breach this level will be bearish for the contract and can drag it lower to 7,525 or even 7,500 in the worst case.
Traders can wait to see if 7,555 gets breached. Initiate fresh short position if the contract turns lower from 7,555 with a stop-loss at 7,570 for the above mentioned targets of 7,525 and 7,500.
On the other hand, if the contract manages to surpass its hurdle at 7,555 it can rise to 7,580 once again. This level is the key intraday resistance for the contract. A strong breach of this level will then target 7,600.
Strategy: Initiate short position on a reversal from 7,555
Supports: 7,525, 7,500 and 7,490
Resistances : 7,555, 7,580 and 7,600.
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