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Nifty July Futures (8,622)
The Nifty futures started the session at 8,650 levels, close to its previous finish. After swinging between the positive and negative zones, the contract fell below the 8,600 mark to mark an intra-day low at 8,596 levels.
Taking support at around 8,600, the contract is on a recovery mode. However, the market’s breath is tilted towards declines than advances.
The current corrective upmove can encounter resistance at 8,650 levels. A decisive break through this resistance level is needed to strengthen the upmove and take the contract higher to 8,675 and 8,700 levels. Traders with a short-term perspective can initiate fresh long positions on a strong rally above 8,650 levels with a fixed stop-loss.
On the other hand, the inability to breach this level will keep the selling pressure going and drag the contract down to 8,600 levels. A strong fall below this level will add further selling pressure and pull the contract down to 8,575 and 8,550 levels. Therefore, traders should tread with caution as long as the contract trades in the 8,600-8,650 band.
Strategy: Desist from trading as long as the contract moves sideways in the 8,600-8,650 band
Supports: 8,600 and 8,575
Resistances: 8,650 and 8,675
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