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Nifty September Futures (8,100)
The Nifty futures contract today opened flat at 8,132. The contract faced strong resistance at 8,150 and reversed sharply lower from there to record a low of 8,084. Though the contract has now bounced higher from this low, the outlook is weak.
The resistance level to watch now is 8,120. Inability to breach this level would keep the contract under pressure and drag it to 8,060 during the day. Traders can wait for a rise and go short if the contract reverses lower from 8,120. Stop-loss can be placed at 8,155 for the target of 8,070.
Intraday support is at 8,060, which is likely to be tested during the day. A reversal from here can take the contract back to 8,100. But a break below it can drag the Nifty futures lower to 8,030.
Strategy : Go short on a reversal from 8,120 with a stop-loss at 8,155
Supports : 8,060 and 8,030
Resistances : 8,120, 8,150
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