Nifty 50 March Futures (7,539) Following a gap-up open at 7,550, the Nifty futures contract rallied to record an intra-day high at 7,594 levels, taking cues from positive Asian markets.
The contract failed to sustain its bullish momentum and subsequently started to decline, witnessing selling pressure. But, the contract has found a temporary base at 7,531 and is hovering at this level.
Traders with a short-term perspective should tread with caution and can initiate fresh short positions on a decisive fall below 7,530 levels, with a stop-loss at 7,545 levels.
The contract can extend its decline and find support at 7,500. Further fall can drag it down to 7,475 or even to 7,450 levels. Key resistances are at 7,570 and 7,600.
Strategy: Initiate fresh short positions on a strong fall below the immediate support at 7,530 levels, with a stop-loss at 7,545 levels.
Supports: 7,530 and 7,500
Resistances: 7,570 and 7,600