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Nifty January Futures (8,291)
The nifty futures contract is trading on a weak note. The sharp reversal from the day’s low of 8,271.35 could not gain momentum. Buying interest was tepid as the contract moved above 8,300 and hence after recording a high of 8,328, the contract reversed and is now trading below 8,300. Strong intraday resistance is at 8,320. The immediate outlook is bearish. The contract can fall to test the next support at 8,260 during the day. A reversal from this support can take the contract higher to 8,300 and 8,320 once again. But, a break below 8,260 can drag the contract down to 8,230.
Traders can go short with a stop-loss at 8,315 for the target of 8,260.
The outlook will turn bullish only on a strong break above 8,320. Subsequent targets will be 8,345 and 8,370.
Strategy: Go short with a stop-loss at 8,315
Supports: 8,260, 8,230
Resistances: 8,320, 8,345
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