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Nifty March Futures (8,455)
Pressure is mounting on the Nifty futures contract ahead of the expiry today. The contract opened with a huge gap down at 8,489 and is down about a per cent today.
The outlook is bearish. Resistances are at 8,465, 8,480 and 8,500. Intraday bounce to these resistances could bringforth selling interest in the market. A fall to 8,430 and 8,400 looks likely now.
Traders can go short. Stop-loss can be kept at 8,490 for the target of 8,410. Accumulate short positions if intermediate bounce to 8,465 and 8,480 is seen.
The downside pressure will ease only if the contract breaks above 8,500 decisively. The next targets will be 8,525 and 8,550 thereafter. But such a sharp rise looks unlikely at the moment.
Strategy : Go short with a stop-loss at 8,490
Supports: 8,430, 8,400
Resistances : 8,465, 8,480
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