Nifty September Futures (7,900)
The Nifty futures contract is trading on a negative note. The contract opened with a huge gap down and is trading firmly below the psychological 8,000 level. The outlook is bearish. Key resistances are at 7,930 and 7,960. Intraday moves to these resistances could attract fresh selling interest.
Immediate support is in the 7,860-7,870 zone which is likely to be tested. A break below 7,860 can drag the contract lower to 7,830 and 7,800 today.
Traders with a short-term perspective can go short. Stop-loss can be placed at 7,935 for the target of 7,835. Any move up to 7,930 levels can be used to accumulate short positions.
Strategy : Go short with a stop-loss at 7,935
Supports: 7,860, 7,830
Resistances: 7,930, 7,960.