Nifty call: Go short with stop-loss at 8,545

Nifty August Futures (8,515)

The Nifty futures contract is stuck between 8,400 and 8,550 for the third consecutive day. The sharp rise from the intraday low of 8,426 halted at a high of 8,534.65.

The contract has reversed lower from this high and is hovering around the psychological 8,500 level now. Immediate support is at 8,480. A break below it can drag the contract lower to 8,440 during the day.

Traders with a short-term perspective can go short. Stop-loss can be placed at 8,545 for the target of 8,465.

Resistance for the contract is at 8,530. A decisive break above this level will increase the possibility of the contract breaking above 8,550 and rallying to 8,600.

Strategy: Go short with stop-loss at 8,545

Supports: 8,480, 8,450

Resistances: 8,530, 8,550