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Nifty January Futures (8,335)
The Nifty futures contract is stuck in a sideways range between 8,280 and 8,350 this week. This range is expected to remain intact at least for today and tomorrow since trading could be muted in this final day of the calendar year and on the New Year day tomorrow.
Today, the contract is reversing lower after recording an intra-day high of 8,344. There is a strong likelihood of a fall towards 8,300 and 8,280 – the lower end of the range in the coming sessions today.
Traders with a short-term perspective can go short at current levels with a stop-loss at 8,355 and for the target of 8,290.
A breakout on either side of 8,280 and 8,350 will decide the next trend for the contract. A break above 8,350 will be bullish for the target of 8,400. On the other hand, declines below 8,280 can target 8,260 immediately and then 8,200 thereafter.
Strategy : Go short with a stop-loss at 8,355
Supports : 8,280 and 8,260
Resistances : 8,350 and 8,400
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