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Nifty 50 Dec Futures (10,195)
The Nifty 50 futures contract is continuing to get beaten down. Though the contract opened with a gap-up today, it failed to sustain higher and fell sharply from the day's high of 10,259.8. It made a low of 10,171 and has bounced slightly higher from there.
The bearish outlook remains intact. Resistances are at 10,200 and 10,215. Only a strong break above 10,215 will ease the downside pressure. Such a break, though less probable now can take the index futures to 10,250 or even higher again. A fall to 10,150 or even 10,125 and 10,100 is possible in the coming sessions.
Traders can go short at current levels and at 10,205. Stop-loss can be placed at 10,225 for the target of 10,150. Revise the stop-loss lower to 10,185 as soon as the contract moves down to 10,175.
Strategy : Go short with a stop-loss at 10,225
Supports: 10,150, 10,125
Resistances : 10,200, 10,215
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