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Nifty July Futures (8,585)
The Nifty Futures July contract started the session on par with its previous close of 8,625 and made an initial up move to 8,644 levels. But it failed to sustain its positive momentum, gave away its initial gains and entered the negative territory. It decisively breached the key supports at 8,625 and then 8,600 to record an intra-day low at 8,576 levels. The contract is witnessing selling pressure in rallies. Therefore, traders with a short-term perspective can consider selling the contract on rallies with a stop-loss at 8,610 levels. The resumption of the down move can test supports at 8,575 and then 8,550 levels. An emphatic rally above 8,625 is needed to alter the bearish perspective and take the contract upwards to 8,650 and subsequently to 8,675 levels.
Strategy : Make use of rallies to sell the contract with a fixed stop-loss at 8,610 levels.
Supports : 8,575 and 8,550
Resistances : 8,600 and 8,625
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