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Nifty January Futures (8,847)
The Nifty futures contract opened with a gap-up today at 8,870. But it failed to sustain higher levels and has come off from the high. The intra-day outlook is weak. Immediate support is at 8,835 which looks vulnerable. A break below this support can take the contract to 8,810 or may be even 8,785.
Traders can go short at current levels with a stop-loss at 8,875 for the target of 8,800.
Immediate outlook will turn positive only on a strong break above 8,870. Next targets will be 8,885 and 8,900.
However, the broader trend is up. So intra-day dips to 8,785 is expected to bring buying interest into the market.
Strategy : Go short with a stop-loss at 8,875
Supports : 8,810, 8,785
Resistances : 8,870, 8,885
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