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Nifty October futures (7,931)
Following a gap down opening at 7,927 from the previous close of 7,990 levels, Nifty futures declined further to record an intra-day low of 7,877 levels.
The contract then started to experience buying interest below the key support level of 7,800 and rebounded smartly.
It has been on a recovery mode since then. Traders can consider buying the contract in dips with a fixed stop-loss at 7,900. Current up-move can test the resistance at 7,950 and then at 7,975 levels. Next key resistance is in the band between 7,990 and 8,000. On the other hand, significant support below 7,900 is placed at 7,877 and then at 7,850.
Strategy : Buy in dips with a fixed stop-loss at 7,900 levels.
Supports: 7,900 and 7,877
Resistances: 7,950 and 7,975
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