Nifty 50 January futures (11,054) Taking bearish cues from the Asian markets, the domestic bellwether indices, the Nifty and Sensex, started the session in negative territory. The Japanese index Nikkei 225 is down by 271 points or 1.1 per cent at 23,669 levels, and the Hang Seng index has slipped 156 points or 0.5 per cent to 32,801 levels.
The Nifty and Sensex continue to trade in negative territory, witnessing selling pressure and profit-taking. The Nifty January futures contract started the F&O expiry session on a positive note, opening at 11,101. However, the contract began to decline thereafter and entered negative territory.
It has marked an intra-day low at 11,046. The market breadth of the Nifty index is biased towards declines. The contract can experience selling pressure at higher levels. Traders can make use of intra-day rallies to go short, while maintaining a fixed stop-loss at 11,085 levels. The contract can test support at 11,045; a further slump below this level can drag it down to 11,025 and 11,000 levels. Key resistances above 11,085 are at 11,100 and 11,120 levels.
Supports: 11,085 and 11,100
Resistances: 11,046 and 11,025