Nifty call: Go short with a stop-loss at 8,515

Nifty August Futures (8,490)

The Nifty futures contract is range-bound between 8,400 and 8,550 since Friday. The contract recorded a high of 8,532 and has reversed lower from there, suggesting that the range remains intact.

There is a strong probability of the contract falling to the immediate support at 8,450 now. A break below this support level can drag it further lower to 8,400 – the lower end of the range thereafter.

Traders can go short. Stop-loss can be kept at 8,515 for the target of 8,450.

Strategy: Go short with a stop-loss at 8,515

Supports: 8,450, 8,400

Resistances: 8,510, 8,550