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Nifty February Futures (8,765)
The Nifty futures contract is consolidating sideways after tumbling over a per cent on Monday. The contract is range bound between 8,735 and 8,785. The sharp fall below 8,800 yesterday, has turned the overall outlook bearish. Key intraday resistance is at 8,785 which is likely to limit any upside in the contract. Any up move to this level will trigger fresh selling interest. A reversal from this level can drag the contract lower to 8,750 and 8,735. The contact can fall below 8,735 and target 8,700 or even lower levels.
Traders can remain on the sidelines at this juncture. If the contract fails to break above 8,785 and reverses lower, then short positions can be initiated. Stop-loss can be placed at 8,805 for the target of 8,745.
The downside pressure will ease if the contract breaks above 8,785 during the day. The ensuing targets on such a break will be 8,800 and 8,840
Strategy : Go short if the contract reverses lower from 8,785 with a stop-loss at 8,805
Supports : 8,735, 8,700
Resistances : 8,785, 8,800
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