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Nifty July Futures (8,444)
The Nifty futures started the session with a gap up open at 8,474, at a key immediate resistance level.
Testing this resistance, the contract declined to mark an intra-day low at 8,430 levels. But, it subsequently bounded up to retest the key resistance mentioned above and registered an intra-day high at 8,477.
The contract is witnessing a volatile movement with selling interest at higher levels. Traders with a short-term view should tread with caution and can initiate fresh short position if the contract reverses down from 8,475 levels once again with a stop-loss at 8,480 levels.
A fall below 8,430 will also be a cue for going short with a fixed stop-loss. Such a fall can pull the contract down to 8,400 levels. Further decline below 8,400 levels can drag the contract down to 8,375 and then to 8,350 levels in the short-term. On the other hand, a decisive rally above 8,475 can take the contract northwards to 8,500 levels.
Strategy : Fresh short position can be initiated with a tight stop-loss at 8,480 levels if the contract fails to move beyond 8,475 levels once again.
Supports : 8,430 and 8,400
Resistances: 8,475 and 8,500
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