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Nifty July Futures (7,465)
The Nifty futures contract opened on a positive note at 7,488 from its previous close of 7,480. However, the contract failed to surpass its key resistance at 7,500 levels.
After marking an intra-day high of 7,497, the contract witnessed selling pressure and reversed down.
Traders with near-term perspective can make use of the rallies to sell the counter while maintaining a stop-loss at 7,500. The contact can decline to 7,450. A strong breach of this level can drag it down further to 7,425 or 7,400.
On the upside, a conclusive move above 7,500 will alter the bearish outlook and take the contract higher to 7,530 or 7,550. Traders need to tread with caution if the contract moves above 7,500 levels.
Strategy : Go short on rallies with a stop-loss at 7,500.
Supports : 7,450, 7,425 and 7,400
Resistances : 7,500, 7,530 and 7,550.
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