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Nifty 50 February Futures (8,870)
The Nifty futures contract started the session on a positive note, opening at 8,880 levels. After marking an intra-day high at 8,893, the contract began to decline, witnessing selling pressure and profit-taking. The contract recorded an intra-day low at 8,862. ‘
It is volatile in the broad range between 8,860 and 8,890. The Asian markets are giving mixed cues, the Nikkei 225 index is up by 130 points or 0.7 per cent to 19,281, while the Hang Seng index is down 115 points or 0.5 per cent to 24,030 levels.
The market breadth is neutral and currently biased towards advances. However, the contract continues to experience selling pressure. Traders with a short-term perspective should tread with caution as long as the contract trades in the wide range between 8,860 and 8,900.
An emphatic fall below the immediate support level of 8,860 will be a cue for initiating fresh short positions with a fixed stop-loss. The contract can decline to 8,830 and then to 8,810. On the other hand, a conclusive break above 8,900 can take the contract higher to 8,920 and 8,940 levels.
Strategy: In a sideways movement. Tread with caution.
Supports: 8,860 and 8,830
Resistances: 8,900 and 8,920
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