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Nifty January Futures (8,252)
After a strong gap-up open at 8,306, the Nifty futures recorded an intra-day high at 8,325 levels. However, the contract failed to sustain its bullish momentum. It subsequently filled the gap and breached key supports at 8,300 and 8,250. But, the contract found support near 8,200 by marking an intra-day low at 8,205 levels and bounced up. The contract is volatile and is experiencing selling pressure at higher levels. Traders with a short-term perspective can sell the contract on a fall below 8,250 levels, with stop-loss maintained at 8,260 levels.
A decisive fall below 8,250 can once again pull the contract down to 8,225 and then to 8,200. The next important supports below 8,200 are placed at 8,172 and 8,150. On the upside, a conclusive rally above 8,300 is needed to reinforce the bullish momentum and take the contract higher to 8,325 and 8,350.
Strategy: Go short on a fall below 8,250
Supports: 8,225 and 8,200
Resistances: 8,275 and 8,300
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