Nifty August Futures (8,490)
The Nifty futures contract is range-bound between 8,400 and 8,550 since Friday. The contract recorded a high of 8,532 and has reversed lower from there, suggesting that the range remains intact.
There is a strong probability of the contract falling to the immediate support at 8,450 now. A break below this support level can drag it further lower to 8,400 – the lower end of the range thereafter.
Traders can go short. Stop-loss can be kept at 8,515 for the target of 8,450.
Strategy : Go short with a stop-loss at 8,515
Supports: 8,450, 8,400
Resistances : 8,510, 8,550