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Nifty December Futures (8,345)
The Nifty futures contract opened flat today. The contract has reversed lower after recording a high of 8,370.95. The immediate outlook for the day is bearish as long as the contract trades below 8,370. There is a double top reversal pattern on the intra-day chart. A fall to 8,300 looks likely today. Intermediate support is at 8,330. A break below this level can drag the Nifty futures to 8,300.
Traders can go short with a stop-loss at 8,375 for the target of 8,305.
The bearish outlook will be negated if the Nifty futures contract breaks above 8,370. The ensuing target on such a break will be 8,400.
Strategy : Go short with a stop-loss at 8,375
Supports : 8,330 and 8,300
Resistances : 8,370 and 8,400
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