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Nifty 50 December Futures (8,109)
The Nifty futures contract started the session on a negative note, opening at 8092, taking cues from the weak global markets. The Nikkei 225 is down 151 points while the Hang Seng has fallen 150 points. The Kospi too is down 7 points.
The Nifty futures, after an initial rally to an intra-day high of 8,127, witnessed selling pressure and gave up its initial gains subsequently. The contract has breached its immediate support at 8,110 and recorded an intra-day low at 8,076. The near-term outlook is negative.
Traders with a short-term perspective can make use of intra-day rallies to initiate fresh short positions, while maintaining stop-loss at 8,120 levels. Extending this downtrend, the contract can test its support at 8,080. A strong slump below this level will pull the index down to 8,060 or 8,050 levels in the near term. The next key supports are placed at 8,030 and 8,000 levels. On the other hand, an emphatic break through of immediate resistance at 8,110 can push the contract higher to 8,130. Subsequent key resistances are at 8,150 and 8,175 levels.
Strategy: Make use of rallies to initiate fresh short positions with a stop-loss at 8,120 levels.
Supports: 8,080 and 8,060
Resistances: 8,110 and 8,130
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