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Nifty December Futures (8,280)
The Nifty futures contract opened the week with a gap-down at 8,232. However, the contract reversed higher from the low of 8,230 and has recorded a high of 8,284. The rise could extend further during the session to test the key trend line resistance at 8,295. This is a strong resistance which is likely to halt the current upmove.
The overall trend is down. So, fresh selling interest can come into the market at this resistance level. A reversal from 8,295 can drag the Nifty futures contract lower to test the intraday support at 8,250. Declines below this level can take the contract further lower to 8,230 or even 8,200.
Traders can go short at current levels. Stop-loss can be placed at 8,310 for the target of 8,240.
The bearish outlook will be negated if the Nifty futures contract breaches 8,300 decisively. In such a scenario, the contract can move higher to the next target of 8,325.
Strategy : Go short with a stop-loss at 8,310
Supports : 8,250, 8,230
Resistances: 8,295, 8,325
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