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Nifty October Futures (7,897) After a positive opening, domestic market started to decline inline with the Asian peers witnessing selling pressure. Though the Nifty futures contract opened at 7,952 from its previous close of 7,911, but gave away the intra-day gains and is moving in the negative territory. The contract is facing difficulty in breaching a key resistance band between 7,930 and 7,950.
The 50-day moving average hovering in this band also acts as a resistance. Therefore, traders with a short-term perspective can consider selling the contract on rallies with a stop-loss at 7,930 levels. A downward reversal from this resistance band can pull the contract down to 7,870 and then to 7,845. Next important support is at 7,820 levels. On the other hand, a decisive rally above 7,950 will reinforce bullish momentum and push the contract higher to 7,970 and 7,990 levels.
Strategy : Sell in rallies with a stop-loss at 7,930 levels.
Supports : 7,870 and 7,845
Resistances : 7,930 and 7,950
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