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Nifty 50 Aug Futures (9,858)
The Nifty 50 futures contract opened with a wide gap-down at 9,879 and fell to a low of 9,830. The contract has however managed to bounce back from this low.
Immediate support is at 9,850. If the contract manages to sustain above this support, it can move further higher to 9,870 and 9,880. The region between 9,870 and 9,880 is a key intraday resistance. Whether the contract manages to break above this hurdle or not will decide the next move.
Inability to break above 9,880 can drag the contract lower to 9,850 and 9,830 once again. A strong break below 9,830 will increase the likelihood of the downmove extending to 9,800.
Short-term traders with high risk appetite can go short on rallies at 9,870. Stop-loss can be placed at 9,890 for the target of 9,835. Revise the stop-loss lower to 9,860 as soon as the contract moves down to 9,850.
On the other hand, if the index futures break above 9,880 decisively, the downside pressure may ease. Such a break can take it to 9,900 or even higher levels thereafter.
Strategy: Go short on rallies at 9,870
Supports: 9,830, 9,800
Resistances : 9,880, 9,900
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