Nifty August Futures (7,670)
The Nifty futures contract opened with an upward gap at 7,699 levels. But, the resistance at 7,700 kept the contract on check. Subsequently, the contract started to witness selling pressure and moved sideways is negative bias. Traders can consider selling the contract in rallies with a stop-loss at 7,700 levels. A fall below 7,665 can pull the contract down to 7,650 and then to 7,622 levels. Next support is at 7,600.
Nevertheless, a conclusive rally above 7,700 will alter this bearish view and take the contract higher to 7,725 and 7,750 levels.
Strategy: Sell in rallies with a stop-loss at 7,700 levels.
Supports: 7,665 and 7,650
Resistances: 7,700 and 7,725
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