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Nifty 50 February futures (7,069)
Following a positive open at 7,135, which is also the intra-day high, the Nifty futures started to decline. The contract breached a key support at 7,100 and fell sharply to mark an intra-day low at 7,028.
Taking support at the intra-day low, the contract has managed to recover some intra-day losses. The near-term outlook will remain bearish as long as the contract trades below 7,110 levels.
Traders with a short-term perspective can make use of rallies to sell the contract while maintaining a stop-loss at 7,115.
A downward reversal can retest supports at 7,050 and 7,030. An emphatic fall below 7,030 can pull the contract down to 7,000 levels. However, only a decisive rally above the key resistance level of 7,110 can bring back some signs of bullish momentum. The next resistances are at 7,135, 7,150 and 7,175 levels.
Strategy: Make use of rallies to sell the contract while maintaining a stop-loss at 7,115 levels.
Supports: 7,050 and 7,030
Resistances: 7,110 and 7,135
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