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Nifty February Futures (8,895)
It has been a very volatile week for the Indian market. The Nifty futures contract broadly ranged between 8,837 and 9,030.
The contract opened with a gap up today at 9,005. But it failed to sustain higher and fell sharply after recording a high of 9,029.5.
Immediate resistance is at 8,910. Although the immediate support at 8,870 is holding as of now, on the intra-day chart, the outlook is bearish. There is a strong likelihood of the contract falling below 8,870 to 8,830 during the day.
Traders can go short at current levels. Stop-loss can be placed at 8,920 for the target of 8,840.
The downside pressure will ease during the day if the contract breaks above 8,910. Such a break will negate the bearish outlook and take the Nifty futures higher to 8,960 during the day.
Strategy : Go short with a stop-loss at 8,920
Supports: 8,870, 8,835
Resistances : 8,910, 8,960
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