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Nifty June Futures (8,030)
Following a positive open at 8,151 levels, the Nifty futures contract marked an intra-day high at 8,156 levels and witness selling pressure. The contract subsequently breached the key supports at 8,100 and 8,050 levels. However, it found support at around 8,000 recording a low at 7,992.
The contract could witness selling pressure at higher level as the corrective up move progresses. Both the short and medium-term trend are down for the contract. The near-term outlook continues to be bearish as long as the contract trades below 8,150 levels.
Hence, traders with a short-term perspective can make use of the rallies to initiate fresh short position while maintaining a stop-loss at 8,080. Resumption of the downtrend can pull the contract down to 8,020 and then to 8,000 levels.
An emphatic break through the key support level at 8,000 can strengthen the downtrend and pull the contract further down to 7,970 and 7,950 levels. Key resistances above 8,100 are placed at 8,130 and 8,150 levels.
Strategy : Make use of rallies to sell the contract while maintaining a stop-loss at 8,080 levels.
Supports : 8,020 and 8,000
Resistances : 8,050 and 8,075
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