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Nifty December Futures (8,599)
The Nifty futures started the session on a positive note at 8,619 levels and marked an intra-day high at 8,622 levels. But it failed to sustain at higher levels. Witnessing selling pressure and profit-taking, the contract is moving sideways with negative bias. A decisive fall below 8,580 will be the cue for initiating fresh short positions with stop-loss at 8,590 levels. In this scenario, the contract can decline to 8,560 and then to 8,535 levels.
On the other hand, to reinforce the bullish momentum, the contract needs to surpass its immediate resistance at 8,638 levels for a move up to 8,660 levels.
Strategy: Fresh short positions can be initiated on a fall below 8,580 levels with a stop-loss at 8,590 levels.
Supports: 8,580 and 8,535
Resistances: 8,622 and 8,638
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