Nifty September Futures (7,808)
Despite the Nifty futures contract beginning the session on a positive note at 7,842, it gave up all the gains soon. The contract declined and found support around 7,800 and started to trade above this level.
The intra-day trend is down for the contract. A decisive break of 7,800 will be cue for initiating fresh short position with a stop-loss at 7,820. The contract can decline to 7,775 and then to 7,750 levels.
Conversely, the contract has key resistances at 7,826, 7,850 and 7,878. Only a strong rally above 7,850 will strengthen the bullish momentum and take the contract higher to 7,878 and 7,900 levels.
Strategy : Go short on a fall below 7,800 with stop-loss at 7,820
Supports : 7,800 and 7,775
Resistances: 7,826 and 7,850