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Nifty January Futures (8,295)
The nifty futures contract is trading on a weak note today. It failed to gain momentum and sustain higher after opening with a gap up at 8,337.5. The contract recorded a high of 8,348.15 and has sharply reversed lower from there. Immediate support is at 8,275, but it looks vulnerable. A break below this level can drag the contract lower to 8,245 during the day.
Traders can go short at current levels. Stop-loss can be placed at 8,325 for the target of 8,255.
A key intraday resistance for the contract is at 8,320. This level can be tested if the contract reverses higher from its immediate support at 8,275. But only a strong break above 8,320 will ease the downside pressure which can then take the nifty futures higher to 8,350 thereafter.
Strategy : Go short with a stop-loss at 8,325
Supports : 8,275, 8,245
Resistances : 8,320, 8,350
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