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Nifty December Futures (8,245)
The Nifty futures contract continues to trade on a weak note. The contract recorded a high of 8,286.80 after opening flat today and has reversed lower from there. Immediate resistance is at 8,265 which could limit the upside for the contract now. Immediate support is at 8,215. But this level can be breached and the contract can decline to 8,190.
Traders can go short with a stop-loss at 8,270 for the target of 8,205.
A reversal from 8,190 can take the contract higher to 8,230 and 8,260 once again. On the other hand, further fall below 8,190 will increase the pressure and drag the Nifty futures contract to the next target of 8,150 and 8,100.
The downside pressure will ease only if the contract breaks above the resistance at 8,265. Such a break can take it higher to 8,290.
Strategy : Go short with a stop-loss at 8,270
Supports : 8,215, 8,190
Resistances : 8,265, 8,290
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