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Nifty December Futures (7,828)
The Nifty futures contract has been stuck in a narrow range of 7,810 and 7,860 since Thursday. A breakout on either side of this range will decide the next leg of move for the contract. On the charts, the bias is bearish for the contract to break below 7,810. Such a break can drag the contract lower to 7,770 and 7,750.
Short-term traders with high-risk appetite can go short with a wide stop-loss at 7,865 for the target of 7,775. Intraday rallies to 7,850 can be used to accumulate short positions.
Downside pressure will ease only if the contract breaks above 7,860 decisively. The next targets will be 7,880 and 7,900. But such a strong rise looks less probable.
Strategy: Go short with a stop-loss at 7,865
Supports: 7,810, 7,770
Resistances: 7,860, 7,880
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