Nifty March Futures (8,790)
The Nifty futures contract is continuing to trade weak. The contract opened flat today and fell to a low of 8,756.25. Although the contract managed to witness a sharp bounce from this low, if failed to breach 8,800 decisively. The contract faced resistance at 8,815.20 and has reversed lower again. The inability to sustain the break above 8,800 keeps the outlook bearish. Immediate resistances are at 8,800 and 8,815. A fall to 8,750 looks likely now. A break below 8,750 can take the Nifty futures contract further lower to 8,720 during the day.
Traders can go short. Stop-loss can be kept at 8,815 for the target of 8,755.
The downside pressure will ease only on a strong break above 8,815. The ensuing target will be 8,850.
Strategy : Go short with a stop-loss at 8,815
Supports : 8,750, 8,720
Resistances : 8,815, 8,850