Nifty September Futures (7,847)
The Nifty futures started the session on a strong note, with an upward gap at 7,838. Subsequently, the contract saw a corrective decline to 7,783 levels and resumed its uptrend. It has decisively breached a key resistance at 7,800 and has extended its rally.
Traders with a short-term view can initiate fresh long position on dips and those who have long position can continue to hold it with a stop-loss at 7,820 levels.
Continuation of the upmove can encounter resistances at 7,875 and then at 7,900 levels. Next resistance is at 7,926 levels. On the other hand, a strong fall below the important base level of 7,800 can result in profit-taking and pull the contract down to 7,780 and 7,750 levels. In that event, you can exit your long positions.
Strategy : Buy the contract on dips with a tight stop-loss at 7,820 levels.
Supports : 7,820 and 7,800
Resistances : 7,875 and 7,900