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Nifty 50 February futures (7,018)
After opening on a positive note at 7,059, the Nifty futures contract started to experience selling pressure and slipped into the red. The contract breached a key support at 7,000 and marked an intraday low at 6,967 levels. However, the contract bounced back and made a strong recovery. It recorded an intraday high at 7,072 but lost steam.
The contract remains volatile with a negative bias. Traders with a short-term perspective can consider initiating fresh short positions if the contract breaks below 7,000 with a stop-loss at 7,020.
The contract can extend its fall and test supports at 6,970 and 6,950 levels. Significant resistances are placed at 7,050 and 7,075. An emphatic rally above 7,075 can take the contract northwards to 7,100 levels.
Strategy: Initiate fresh short position if the contract falls below 7,000 with a stop-loss at 7,020.
Supports: 7,000 and 6,970
Resistances: 7,030 and 7,050
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