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Nifty July Futures (7,637)
The Nifty futures contract opened flat, but thereafter remained volatile. It marked an intra-day low of 7,628 and high of 7,657. After a strong rally in the last two trading sessions, the contract is now pausing. Today, it has been moving sideways in the band between 7,630 and 7,660 levels. Traders need to tread with caution as long as the contract hovers within this range. Fresh short position can be initiated if the contract declines below 7,630 levels with a stop-loss at same level. Targets are 7,600 and 7,580. Subsequent, supports are pegged at 7,560 and 7,535.
Conversely, a decisive breakthrough of the key resistance at 7,660, can take the contract northwards to 7,680 and 7,700. Next significant resistance is at 7,735.
Strategy : Go short if the contract declines below 7,630 with stop-loss at the same level
Supports : 7,600 and 7,580
Resistances : 7,660 and 7,700
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