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Nifty 50 March Futures (7,436)
The Asian equities started the session in negative territory taking cues from mixed US and negative European markets close. Nikkei 225 and Hang Seng index are down 0.8 per cent and 0.4 per cent respectively. Domestic indices and the Sensex and the Nifty 50 started the session on a negative note and extended their decline and are down 0.6 per cent currently.
The Nifty futures contract opened on a flat note at 7,485 and recording an intra-ay high at 7,495. But, experiencing selling pressure, the contract entered the negative territory and is down 0.6 per cent. It recorded an intra-day low so far at 7,431. The near-term outlook is bearish.
Traders can make use of rallies to sell the contract while maintaining a stop-loss at 7,470 levels. A decisive fall below 7,430 can drag it down to 7,400. Key supports below this level are at 7,370 and 7,350. Immediate resistances are at 7,465 and 7,500. Strong break through7,500 can strengthen the uptrend and take the contract to 7,530 and 7,550 levels.
Strategy : Sell the contract in rallies with a stop-loss at 7,470
Supports : 7,430 and 7,400
Resistances : 7,465 and 7,500
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