Nifty August Futures (7,674)
On Tuesday, the Nifty futures contract opened on a positive note at 7,734 from its previous close of 7,718. This bullish momentum failed to surpass the key resistance at 7,750.
The contract made a U-tune from its intra-day high at 7,749.50 and decisively breached its immediate significant support at 7,700 levels. It is currently down 45 points or 0.6 per cent.
Traders can make use of rallies to short the contract with a stop-loss at 7,700 levels. Targets are 7,650 and 7,622. Next important support is at 7,600 levels.
On the other hand, the contract has to emphatically rally above 7,700 level to bring back the bullish momentum and take the contract higher to 7,730 and 7,750 levels.
Strategy : Make use of rallies to initiate fresh short position with a stop-loss at 7,700 levels.
Supports : 7,650 and 7,622
Resistances : 7,700 and 7,730