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Nifty July Futures (8,430)
The Nifty July futures contract started the session with a gap down open at 8,418. Subsequently, the contract slipped below the key immediate support at 8,400 and registered an intra-day low at 8,389 levels. Continuing the volatile movement, the contract re-tested the key support at around 8,400 and reversed higher. It has been moving sideways in the range between 8,390 and 8,440. Traders should tread with caution as long as the contract trades in this sideways range. A strong rally above 8,440 will be the cue for initiating fresh long position with a fixed stop-loss. The contract can rally to 8,460 and then to 8,488 levels. However, a strong fall below 8,400 can drag the contract down to 8,375 and then to 8,350 levels.
Strategy : Initiate fresh long position with a fixed stop-loss only on a strong rally above 8,440 levels
Supports : 8,400 and 8,375
Resistances : 8,440 and 8,460
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