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Nifty December Futures (8,414)
Following a gap down open at 8,368 levels from the previous close of 8,393, the Nifty futures managed to find support around the opening level.
The subsequent upmove has breached the immediate key resistance at 8,400 and the contract touched an intra-day high of 8,429 levels. However, the contract experienced selling pressure at higher levels and it found it difficult to sustain the intra-day gains.
As long as the contract trades below 8,550, the short-term trend will remain down. Traders with a short-term perspective can make use of the rallies to initiate fresh short position while maintaining a stop-loss at 8,430.
A downward reversal can pull the contract down to 8,400 and then to 8,370. Further fall below this base level can drag the contract to 8,350. But a strong rally above 8,450 can lead to a corrective upmove to 8,475 or 8,500.
Strategy : Sell on rallies with stop-loss at 8,430
Supports : 8,400 and 8,370
Resistances : 8,450 and 8,475
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