Nifty September Futures (7,648)
The Nifty September Futures started the session on a positive note at 7,677.7 levels and went on to record an intra-day high at 7,725. However, the contract failed to sustain its positive momentum and slumped to negative territory.
After marking an intra-day low at 7,621, the contract began to recover and is on the brink of entering the positive zone.
Traders with a short-term view can go long on a decisive rally above 7,665 levels with a stop-loss just below. The contract can extend its rally to 7,685 and 7,700 levels. A strong breach of 7,700 can push the contract higher to 7,725 or 7,750 levels.
On the other hand, an emphatic fall below the immediate support at 7,640 can pull the contract down to 7,620 and then to 7,600 levels. Next key supports are at 7,580 and 7,500 levels.
Strategy: Fresh long position is recommended with fixed stop-loss only on a decisive rally above 7,665 levels.
Supports: 7,640 and 7,620
Resistances: 7,665 and 7,685