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Nifty August Futures (8,568) The Nifty futures started the session on a negative note at 8,558 levels. After recording an intra-day low at 8,550 levels, it entered positive territory immediately. The contract then extended its rally with choppy movement and marked an intra-day high at 8,590. It faces a key resistance at 8,600.
After struggling to move past the 8,590 and 8600 levels, the contract changed direction and began to decline. Traders with a short-term view can make use of rallies to initiate fresh short positions with a stop-loss at 8,590 levels.
The contract can decline and test supports at 8,560 and 8,550 levels. A decisive fall below 8,550 can pull the contract down to 8,530 and then to 8,500 levels. However, to alter the bearish outlook, the contract needs to emphatically rally above 8,600. Such a rally can take the contract northwards to 8,630 and 8,650 levels.
Strategy: Make use of rallies to initiate fresh short positions with a fixed stop-loss at 8,590 levels
Supports: 8,550 and 8,530
Resistances: 8,600 and 8,630
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