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Nifty 50 September Futures (8,625)
The Nifty 50 futures contract tanked over 2 per cent to record an intraday low of 8,562. The news that India had conducted surgical strikes in Pakistan on Wednesday night had triggered this sharp sell-off in the market.
Though the contract has bounced back from the intraday low, traders will have to remain cautious ahead of the expiry today. It is best to avoid intraday positions today.
Immediate resistance is at 8,650. A reversal from this resistance can drag the contract lower to 8,600 and will keep it pressured for a fall below 8,600 once again. The key supports below 8,600 are poised at 8,560 and 8,520.
On the other hand, if the contract manages to rise past 8,650, it may extend its upmove to 8,700. This will be a key level to watch in the coming sessions. Only a strong break above 8,700 will ease the downside pressure in the contract.
Strategy : Stay out of the market
Supports: 8,600, 8,560
Resistances : 8,650, 8,700
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