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Nifty March Futures (9,013)
The Nifty futures contract opened the session close to its previous close at 9,000 level.
Subsequently, it became choppy, initially declining to record an intra-day low of 8,971 and bouncing back to mark an intra-day high at 9,019 level. The contract is experiencing selling pressure and profit-taking at higher levels.
Traders with a short-term perspective can initiate fresh short position if the contract falls below the immediate support level of 8,975 with a stop-loss at 8,985 levels. Such a fall can pull the contract down to 8,850 and then to 8,920 levels. Next support is placed at 8,900 levels. Immediate resistances are at 9,025 and 9,050 levels.
Strategy : Initiate fresh short if the contract declines below 8,975
Supports: 8,975 and 8,950
Resistances: 9,025 and 9,050
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