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Nifty 50 March Futures (9,078)
The Nifty March month contract opened the session at 9,068 levels and extended its upmove to record an intra-day high at 9,093 levels. The contract has marked an intra-day low at 9,061 levels.
Currently the contract is facing difficulty in surpassing the key resistance in the range between 9,090 and 9,100 levels and is volatile. The market breadth in Nifty 50 index is positively biased.
However, traders with a short-term perspective should tread with caution as long as the contract moves sideways in the band between 9,060 and 9,100.
An emphatic fall below the immediate support level of 9,060 can strengthen the bearish momentum and pull the contract down to 9,040 and 9,020 levels in the near term. Next key support is pegged at 9,000.
In that case, traders with a near-term view can go short with a fixed stop-loss at 9,070 levels. Targets are 9,040 and 9,020 levels.
Conversely, the contract needs to decisively move beyond 9,100 levels to reinforce the bullish momentum and take the contract higher to 9,130 and 9,150 levels in the near future.
Strategy : Consider initiating fresh short positions only if the contract falls below 9,060 levels with a stop-loss at 9,070.
Supports: 9,060 and 9,040
Resistances : 9,100 and 9,130
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