Nifty July Futures (8,370)
Following a positive open at 8,390 levels, the Nifty futures contract marked an intra-day high at 8,416 levels.
But the contract failed to sustain at higher level and fell below 8,400 levels. On the downside, the contact is receiving support around 8,350. It is witnessing a volatile movement in today's session in the range of 8,350 and 8,400. Traders with a short-term perspective should tread with caution and initiate fresh long position only on a strong rally above 8,400 levels. Such a break through 8,400 can take the contract higher to 8,420 and then to 8,440 levels. But a decisive fall below 8350 will strengthen the bearish momentum and drag the contract down to 8,330 and then to 8,300 levels.
Strategy: Fresh long position is recommended with a tight stop-loss only if the contract rallies above 8,400 levels
Supports: 8,350 and 8,330
Resistances: 8,400 and 8,420
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