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Nifty 50 December Futures (8,085)
The Nifty futures contract started the session on a positive note at 8125 and registered an intra-day high at 8,134 levels. But after experiencing selling pressure the contract started to decline. It breached the key immediate support at 8,100 and marked an intra-day low at 8,080 levels. The near-term outlook is bearish for the contract. The advances/declines ratio in the Nifty 50 is biased towards declines. The Nifty 50 index is trading below 8,100 levels experiencing selling pressure by banking and financials.
The indicators in the daily chart are showing signs of weakness. The near-term outlook is bearish for Nifty futures contract. Traders with a short-term perspective can make use of intra-day rallies to initiate fresh short positions while maintaining a stop-loss at 8,105. The contract can re-test support at 8,080.
Decisive fall below this level can pull the contract further down to 8,050-8,060 support band in the near term. On the other hand, key resistances are placed at 8,100 and 8,125 levels. Strong rally beyond 8125 is needed to alter the bearish outlook and take the contract northwards to 8,150 and 8,175 levels.
Strategy : Sell the contract in rallies with a stop-loss at 8,105 levels.
Supports : 8,080 and 8,060
Resistances : 8,100 and 8,125
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