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Nifty 50 July Futures (9,627)
The Nifty futures started the session on a positive note at 9,623 level and went on to record an intra-day high of 9,643. However, witnessing selling pressure at higher levels, the contract started to decline and marked an intra-day low of 9,595.
The Asian markets are in the red; the Nikkei 225 was down 23 points at 20,032 and Hang Seng index plunged 406 points to 25,377. The European markets have also started the session on a negative note.
The Nifty index is volatile. The market breadth of the Nifty index is biased towards declines.
Traders with a short-term view can initiate fresh short positions on a decline below 9,620 levels with a fixed stop-loss. The contract can decline and test support at 9,600. Further decline below 9,600 can find supports at 9,580 and 9,560 levels.
On the upside, the contract needs to decisively move beyond 9,640 levels to strengthen the bullish momentum and take the contract higher to 9,660 and 9,675 levels.
Strategy: Go short if the contract declines below 9,620 level with a fixed stop-loss.
Supports: 9,620 and 9,600
Resistances : 9,640 and 9,660
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