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Nifty October Futures (7,938)
The Nifty futures contract opened on a weak note with a huge gap down at 7,929.95 after being closed for a long weekend. The contract recorded a high of 7,970 immediately after the open but failed sustain. This reflects the inherent weakness in the contract. It fell to a low 7,918.1 and is currently bouncing higher from this low. Resistance is at 7,950 which can restrict the upside.
The outlook is bearish. Traders can go short now with a stop-loss at 7,965 for the target of 7,900.
Intraday support for the contract is at 7,900. A break below this level can drag the contract lower to 7,870. The downside pressure would get eased if the contract breaches 7,950. The next target will be 7,975.
Strategy : Go short with a stop-loss at 7,965
Supports : 7,900, 7870
Resistances : 7,950, 7,975
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