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Nifty 50 February Futures (7,569)
The Nifty futures contract started the session on a positive note with a gap-up open at 7,593.5. After recording an intra-day low at 7,563, the contract trended upwards. However, after testing a significant resistance at 7,600 by marking an intra-day high at 7,606, it began to decline.
The contract experiences selling pressure at the significant resistance level of 7,600. A strong rally above this level is needed to strengthen the bullish momentum and take it higher to 7,630 and then to 7,650.
On the downside, a decisive fall below the immediate key support at 7,550 can reinforce the selling pressure and drag the contract down to 7,535 and 7,500 levels.
Therefore, traders with a short-term perspective should tread with caution in the near-term and consider initiating fresh short position on a fall below 7,550 levels with a fixed stop-loss.
Strategy : Initiate fresh shorts on a fall below 7,550
Supports: 7,550 and 7,535
Resistances : 7,600 and 7,630
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