Nifty September Futures (7,832)
The Nifty futures contract is trading choppy and range-bound on the monthly expiry day today. A breakout on either side of 7,800-7,850 will decide the next move for the day.
Immediate reversal from the intra-day low of 7,797 is a positive. It suggests lack of fresh selling interest to drag the contract below the psychological 7,800 mark. This leaves the possibility high for the contract to break above 7,850 during the day. Such a break can take it to 7,865 and 7,890.
Traders can go long on a break above 7,850. Stop-loss can be kept at 7,825 for the target of 7,890.
The outlook will turn negative if the contract declines below 7,800. The next targets will be 7,785 and 7,750.
Strategy: Go long on a break above 7,850 with a stop-loss at 7,825
Supports: 7,800, 7,785
Resistances: 7,850, 7,890