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Nifty 50 March Futures (9,043) The Nifty futures contract started the session on a negative note, opening at 9,109. After marking an intra-day high at 9,111 the contract began to decline, witnessing selling pressure. The contract also took cues from the negative Asian markets. The Nikkei 225 has plunged 1.4 per cent to 18,985 and the Hang Seng index has slipped 0.7 per cent to 24,172 levels. The market breadth of the Nifty 50 index is biased towards declines.
The Nifty futures contract breached its key support at 9,070 and recorded an intra-day low at 9,035 levels. The near-term outlook will remain bearish as long as the contract trades below the significant resistance level of 9,070 levels. Traders with a short-term perspective can make use of rallies to go short with a fixed stop-loss at 9,080 levels.
The contract can resume its down move and test support at 9,035 and 9,020 levels. A further fall below 9,020 can find support at 9,000 levels. On the other hand, the contract needs to decisively move beyond key resistances at 9,070 and 9,100 levels to bring back buying interest and take the contract higher to 9,120 and 9,140 levels in the short term.
Strategy: Near-term outlook remains bearish below 9,070 levels. Make use of rallies to go short with a stop-loss at 9,080.
Supports: 9,035 and 9,020
Resistances: 9,070 and 9,100
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