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Nifty July Futures (7,736)
The nifty futures contract began the week on a flat note at 7,788. The contract marked an intra-day high at 7,803, but failed to surpass its resistance at 7,800. After witnessing selling pressure and some profit taking, the contract has been on an intraday-day downtrend. While trending down, the contract breached key supports at 7,765 and 7,750. Traders can consider initiating short position in rallies with a stop-loss at 7,750.
The contract can once again decline to 7,725 and then to 7,700. Next key supports are at 7,680 and 7,650.
On the upside, only a decisive rally above 7,765 can take the contract higher to 7,785 and then to 7,800 levels.
Strategy: Initiate short position with a stop-loss at 7,750 levels.
Supports: 7,725 and 7,700
Resistances: 7,765 and 7,785
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