Nifty March Futures (8,945)
The Nifty March futures contract started the session on a flat note at 8,957.
After marking an intra-day high at 8,989 levels, the contract began to witness selling pressure and entered the negative territory.
Traders with a short-term perspective can sell the contract in rallies with a stop-loss at 8,975 levels.
The contract can decline and re-test its intra-day low at 8,933 levels. A decisive fall below this level can strengthen the near-term downtrend and pull the contract to 8,920 and 8,900.
Significant supports below 8,900 are placed at 8,870 and 8,850. However, to reinforce the bullish momentum the contract needs to decisively rally above 9,000 levels. Subsequent resistances are at 9,025 and 9,050.
Strategy : Use rallies to initiate fresh short position with stop-loss at 8,975
Supports: 8,933 and 8,920
Resistances: 8,975 and 9,000