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The Nifty futures contract is trading on a weaker note today. The contract opened higher at 8,781.10 but failed to rise further.
The contract fell to a low of 8,731.40 and has bounced back slightly from this low. Immediate resistance is at 8,765.
The intraday outlook will be negative as long as the contract trades below this hurdle. A fall to test the next support at 8,725 looks likely during the day. A break below 8,725 can drag it further lower to 8,700.
Traders can go short with a stop-loss at 8,775 for the target of 8,715.
Downside pressure will ease if the Nifty futures contract breaks above 8,765. Next targets will be 8,785 and 8,800.
Strategy : Go short with a stop-loss at 8,775
Supports : 8,725, 8,700
Resistances: 8,765, 8,785
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