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Nifty July Futures (8,622)
Following a marginal negative open at 8,621, the Nifty futures contract slipped below the key support level at 8,600 to mark an intra-day low at 8,596. But, it bounded up and moved above 8,600 and trended upwards to encounter a significant resistance at around 8,650 levels. The contract then turned volatile is currently range bound between 8,600 and 8650 levels. A decisive breakthrough on either side will decide the next leg of move for the contract. An emphatic fall below 8,600 will add selling pressure and pull the contract down to 8,575 and then to 8,550 levels. In this scenario, traders with a short-term view can initiate short position with a fixed stop-loss. On the other hand, strong rally above 8,650 will reinforce the bullish momentum and take the contract northwards to 8,675 and 8700 levels.
Strategy : Consider initiating fresh shorts with a tight stop-loss if the contract declines below 8,600 with a stop-loss at 8,610
Supports : 8,600 and 8,575
Resistances : 8,630 and 8,650
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