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Nifty 50 October Futures (8,620)
After a two-day public holiday, the Nifty 50 futures contract opened with a huge gap-down today and is trading under pressure. The minutes of the US Federal Reserve's September meeting released on Wednesday night showed a strengthened case for another rate hike this year. This has triggered a sharp sell-off in the market.
The outlook is bearish. The fall can extend to 8,600. If the index futures breaks below 8,600, it can decline further to 8,570 or even 8,550. On the other hand, if the contract bounces from 8,600, a rise to 8,625 or 8,650 is possible.
Traders with a short-term perspective can make use of a rally to go short at 8,635. Stop-loss can be placed at 8,655 for the target of 8,600.
Strategy : Go short on a rise at 8,635 with a stop-loss at 8,655
Supports : 8,600, 8,570
Resistances: 8,635, 8,660
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