Nifty July Futures (7,662)
Nifty futures recovered smartly from its intra-day low of 7,587 levels following an initial plunge. However, this rally failed to help the contract enter the positive territory, above the previous close of 7,658.
The contract decisively breached this level and is currently trading in the positive territory. Make use of declines to buy the contract, while maintaining a fixed stop-loss at 7,650. It can trend higher and re-test 7,680 and then reach 7,700 in the afternoon session. Subsequent resistance is placed at 7,735.
Significant supports are pegged at 7,620 and 7,600 levels. Only an emphatic decline below 7,600 can activate selling pressure and the contract can decline to 7,550. Next important supports are at 7,500 and 7,480 levels.
Strategy : Initiate fresh long position with a stop-loss at 7,650.
Supports: 7,620, and 7,600
Resistances : 7,680 and 7,700.