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Nifty January Futures (8,738)
The Nifty futures contract opened at 8,741 with an upward gap from its previous close of 8,717. After marking a new high at 8,760, the contract began experiencing selling pressure and profit-taking and subsequently declined to an intra-day low of 8,707 levels.
The contract filled the gap and bounced up. Nevertheless, the contract's movement is choppy. A failure to break the immediate resistance at 8,760 will reinforce selling pressure and pull the contract down to 8,720 and then to 8,700.
The next support below 8,700 is at 8,668 levels. On such downward reversal, traders can initiate fresh short positions with a stop-loss at 8,765 levels. Having said that, a decisive break through the 8,760 level can push the contract upwards to 8,780 and then to 8,800 levels.
Strategy: Initiate shorts on failure to rally above 8,760, with a stop-loss at 8,765
Supports: 8,720 and 8,700
Resistances: 8,760 and 8,780
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