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Nifty 50 March Futures (7,450)
The Nifty 50 futures contract is trading on a negative note today. It opened with a huge gap-up at the day’s high of 7,583. But the contract failed to sustain the rally and fell sharply breaching the psychological support level of 7,500. Immediate outlook is bearish. The fall can extend to test its next important supports at 7,415 and 7,400.
Short-term traders with high risk appetite can go short with a tight stop-loss at 7,475 for the target of 7,415.
A reversal from 7,415-7,400 supports can take the contract higher to 7,450 and 7,470 once again. But a strong break below 7,400 will increase the downside pressure and the contract can fall to 7,370. It can also extend its fall to 7,330.
Strategy : Go short with a stop-loss at 7,475
Supports : 7,415, 7370
Resistances : 7,470, 7,500
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