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Nifty 50 Aug Futures (9,865)
The Nifty 50 futures contract is stuck in between 9,750 and 9,950 for more than two weeks now. Within the range, the contract made a high of 9,918 on Wednesday and has come off from there.
The immediate outlook is negative. Key resistances are poised between 9,890 and 9,915. Intraday bounce to these resistances may find fresh sellers.
Support is at 9,845. A break below it can drag the index futures lower to 9,800 or even 9,775. Short-term traders can wait for a bounce and go short at 9,885. Stop-loss can be placed at 9,910 for the target of 9,830. Revise the stop-loss lower to 9,865 as soon as the contract moves down to 9,850.
The downside pressure will ease only if the contract breaks decisively above 9,915. But such a strong break looks less likely at this juncture.
Strategy: Go short on rallies at 9,885
Supports : 9,845, 9,800
Resistances: 9,890, 9,915
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