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Nifty 50 December Futures (10,084)
Nifty futures contract started the session on a negative note with a gap-down open at 10,111, after taking cues from bearish global markets.
US and European markets had ended in the red yesterday. Asian markets started the session in the negative territory and has tumbled 2 per cent.
After marking an intra-day high of 10,126, the Nifty futures contract resumed its down move and breached an immediate support at 10,100 levels. Thereafter the contract extended its downtrend and recorded an intra-day low of 10,066.
Market breadth of the Nifty index is biased towards declines. The contract is witnessing selling pressure at higher levels.
Traders with a short-term perspective can make use of intra-day rallies to go short while maintaining a fixed stop-loss at 10,115 levels. Resumption of the downtrend can pull the contract down to 10,070 and then to 10,050 levels.
Further decline below the key support level of 10,050 can drag the contract down to 10,025 and 10,000 levels. Key resistances are placed at 10,110, 10,130 and 10,150 levels.
Strategy : Go short in corrective rallies with a fixed stop-loss at 10,115 levels.
Supports : 10,070 and 10,050
Resistances : 10,110 and 10,130
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