Nifty 50 June Futures (8,244)
Taking cues from the strong US and European markets which advanced 1.7 per cent and around 3 per cent, respectively on Wednesday, the domestic indices opened on a positive note.
The Nifty futures contract started the session with a gap-up open at 8,255 levels. It then climbed further to mark an intra-day high at 8,275. But experiencing selling pressure and profit-taking, the contract began to decline. The selling pressure could strengthen on a decisive fall below the immediate support at 8,225.
Traders with a short-term view can initiate fresh short positions on a strong fall below 8,255 with a fixed stop-loss. The contract can decline to 8,200 and then to 8,175 levels. On the upside, a strong rally above 8275 can push the contract higher to 8,300 levels, with an immediate resistance placed at 8,255 levels.
Strategy: Consider initiating short position on a strong fall below the immediate support at 8,225 levels with a fixed stop-loss
Supports : 8,225 and 8,200
Resistances: 8,255 and 8,275