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Nifty May Futures (8,160)
The Nifty futures contract tumbled over 2 per cent today. The outlook is bearish. The contract is facing resistance at 8,200 and is not gaining momentum to breach this hurdle. A further fall to 8,125 and 8,100 looks likely today.
Traders can go short. Stop-loss can be kept at 8,185 for the target of 8,125. The downside pressure will ease only if the contract breaks above 8,200 decisively. The next target will be 8,250. But given the sentiment is very negative, such a sharp bounce looks unlikely at the moment.
Strategy : Go short with a stop-loss at 8,185
Supports: 8,125, 8,100
Resistances: 8,170, 8,200
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