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The Nifty Futures contract opened on a positive note at 8,346 slightly higher than its previous close of 8,342. After encountering resistance at around 8,360, the contract lost its positive momentum and resumed its short-term downtrend. Traders with a near-term perspective can sell the contract on rallies while maintaining a stop-loss at 8,360. The contract can decline to 8,300 levels. An emphatic downward break of 8,300 can pull the contract down to 8,275 and then to 8,250 levels.
Nevertheless, a decisive rally above 8,360 can push the contract higher to 8,380 or 8,400 levels. The contract needs to conclusively break the key resistance at 8,500 levels to alter the short-term downtrend.
Strategy : Outlook is bearish. Sell the contract with a stop-loss at 8,360 levels.
Supports : 8,300 and 8,275
Resistances : 8,360 and 8,380
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