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Nifty July Futures (7,490)
The gap opening up in Nifty Futures at 7,512, followed by the rally to the high of 7,541, could not sustain. The contract started experiencing selling pressure at higher levels and gave away its intra-day gains completely. The Nifty Futures marginally entered the negative zone, registering an intra-day low of 7,467. The recovery from this level has been quite weak.
The contract needs to emphatically move above 7,500 to reinforce bullish momentum and take it higher to 7,530 and 7550. But the inability to surpass 7,500 can drag the contract down to 7,450 and 7,425. Traders can sell the contract if it fails to move above 7,500, with this level as stop-loss. Targets are 7,450 and 7,420
Strategy: Initiate short position with stop loss at 7,520
Supports: 7,450, 7,425 and 7,400
Resistances: 7,500, 7,530 and 7,550.
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