Nifty 50 August Futures (8,686)
The August month Nifty Index futures started the session on a marginally positive note at 8,708, up slightly from its previous close at 8,701. After recording an intraday high at 8,744.7, the contract began to decline, experiencing selling pressure. The contract has breached a key immediate support at 8,700 and registered an intraday low at 8,668.
Currently, the contract trades at around 8,686 levels, which is still at a 40 points premium to the Nifty 50 Index, which is trading at 8,646. Traders with a short-term perspective should tread with caution as long as the contract trades above 8,670. An emphatic fall below this level can strengthen the bearish momentum and pull the contract down to 8,650 and then to 8,630 levels. In that case traders can initiate fresh short positions while maintaining a stop-loss at 8,680 levels.
On the other hand, a strong rally beyond 8,700 will reinforce the uptrend and push the contract higher to 8,725 and then to 8,745 levels.
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Currently, the contract trades at around 8,686 levels, which is still at a 40 points premium to the Nifty 50 Index, which is trading at 8,646. Traders with a short-term perspective should tread with caution as long as the contract trades above 8,670. An emphatic fall below this level can strengthen the bearish momentum and pull the contract down to 8,650 and then to 8,630 levels. In that case traders can initiate fresh short positions while maintaining a stop-loss at 8,680 levels.
On the other hand, a strong rally beyond 8,700 will reinforce the uptrend and push the contract higher to 8,725 and then to 8,745 levels.
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