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Nifty 50 Jan Futures (10,550)
The Nifty 50 futures contract opened with a gap-up and rose to an intraday high of 10,573. But the contract has failed to sustain higher and has come-off from the intraday high. The near-term view is negative. A dip to 10,515 or 10,510 is likely now.
Short-term traders with a high-risk appetite can go short at current levels. Stop-loss can be placed at 10,560 for the target of 10,515. Revise the stop-loss lower to 10,535 as soon as the contract moves down to 10,525.
Cluster of supports are seen in the band between 10,510 and 10,490 which can slow down the pace of the fall. If the contract manages to reverse higher from this 10,510-10,490 support zone, it can move higher to 10,550 and 10,570 again. It will also keep the possibility alive of the contract targeting 10,600 levels going forward.
But if the index futures decline below 10,490, it can come under more selling pressure and it can fall to 10,460 and 10,440.
Strategy: Go short with a stop-loss at 10,560.
Supports : 10,510, 10,490
Resistances: 10,570, 10,600
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