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Nifty 50 July Futures (10,970)
Nifty 50 futures contract began the day on a positive note, but failed to retain the momentum. The contract opened with a 32-point gap-up at 11,055 and made a high of 11,073.
However, it failed to sustain higher and tumbled from the day's high to make a low of 10,955. While the contract has bounced higher from the day's low, the sentiment is expected to remain negative.
Key resistances are in the 11,005-11,010 region and then at 11,030. Fresh sellers are likely to emerge at higher levels and cap the upside.
Support is at 10,950. If the contract manages to sustain above this support, a range-bound movement between 10,950 and 11,000 is possible for some time. But a break below 10,950 can drag the index futures lower to 10,920 and 10,900.
Short-term traders can go short on a rally at 10,995 and at 11,015. Stop-loss can be placed at 11,035 for the target of 10,930. Revise the stop-loss lower to 10,975 as soon as the contract moves down to 10,965.
Strategy: Go short on rallies at 10,095 and 11,015 with a stop-loss at 11,035
Supports: 10,950, 10,920
Resistances: 11,010, 11,030
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