Nifty March Futures (8,976)                        

The Nifty March futures started the session with an upward gap, opening at 9,025 levels. However, the contact began to witness selling pressure after marking an intra-day high at 9,033 level and gave way its early gains.

Breaking the key support level at 9,000, the contract entered the negative zone breaching the next important support level of 8,965. Then it registered an intra-day low at 8,944 levels and bounced back into positive territory.

Traders with a short-term perspective should tread with caution and initiate fresh short position on a fall below 8,965 levels with a stop-loss at 8,975 levels. The contract can decline to 8,944 and then to 8,920. Subsequent, key support level is placed at 8,900 levels.

Conversely, a conclusive rally above 9,000 will reinforce the bullish momentum and take the contract higher to 9,025 levels.

 

Strategy :  Fresh short position can be initiated on a fall below 8,965 levels with a stop-loss at 8,975.

 

Supports : 8,965 and 8,944

Resistances : 9,000 and 9,025