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Nifty July Futures (7,782)
The Nifty futures contract opened in the negative territory at 7,788.90 and declined to register an intra-day low of 7,762. Though the contract bounced back, the key resistance at 7,805 halted this rally. The contract is consolidating sideways in a band between 7,780 and 7,805.
Traders should tread with caution as long as the contract hovers in this range. A strong fall below 7,780 should be the cue for initiating fresh short position with a stop-loss at the same level. Such a fall can drag the contact down to 7,760 and 7,740. Subsequent supports are pegged at 7,725 and 7,700.
On the other side, a decisive rally above 7,810 can reinforce bullish momentum and take the contract higher to 7,841 levels.
Strategy : Go short on a decline below 7,780
Supports : 7,760 and 7,740
Resistances : 7,810 and 7,841
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