Nifty September Futures (7,975)
The Nifty futures contract is trading volatile on its expiry day today. It opened slightly up at 8,022, but failed to sustain at higher levels and fell sharply from the intra-day high of 8,024.30.
Although the contract is currently reversing higher again from the low of 7,957.15, the overall outlook remains bearish. Resistance is at 8,010 which can cap the upside for the day. Support is at 7,950. A break below this level can take the contract to the next targets of 7,930 and 7,900 during the day.
Traders can go short at current levels with a stop-loss at 8,015 for the target of 7,935. More long positions can be accumulated on a rise near 8,000 levels. Traders with high risk appetite can hold the short position with the same stop-loss but for a wider target of 7,910.
The contract would get some breather only if it breaches 8,010 decisively. Such a break can take it higher to 8,030 and 8,050 during the day.
Strategy : Go short now and accumulate on a rise to 8,000 with a stop-loss at 8,055
Supports : 7,950, 7930
Resistances : 8,010, 8,030