Nifty 50 December Futures (7,690)
The downtrend in the Nifty futures continued in Wednesday's trading session as well. It started the session on a negative note at 7,707 and remained in negative territory after recording an intra-day high at 7,728 levels. The short-term trend is down for the contract.
Indicators in the daily chart are hovering in negative terrain, backing the downtrend.
Traders with a short-term perspective can consider selling the contract on rallies while maintaining a stop-loss at 7,715 levels.
The contract can decline and test support at 7,675 and then at 7,650 levels. A further fall below 7,650 can pull the contract down to 7,630 and 7,600 levels.
Rallies will encounter resistances at 7,730 and then at 7,750 levels. Subsequent resistances are placed at 7,772 and 7,800 levels.
Strategy: Sell the contract on rallies with a stop-loss at 7,715 levels.
Supports: 7,675 and 7,650
Resistances: 7,730 and 7,750