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Nifty June Futures (8,138)
The Nifty futures extended its fall in today's trading session. It started the session on a negative note by opening at 8,204 levels. After recording an intra-day high at 8,222, the contract decisively breached its key support at 8,200 and found support at 8,100 levels.
The indicators in the daily chart have entered the bearish zone. The contract trades well below its 50- and 200-day moving averages.
Traders with a short-term perspective can sell the contract on rallies with a stop-loss at 8,175 levels for the target of 8,100. A conclusive fall below 8,100 will strengthen the downtrend and pull the contract down to 8,070 and 8,050 levels. Key resistances above 8,175 are pegged at 8,200, 8,225 and 8,250.
Strategy: Make use of rallies to sell the contract with a stop-loss at 8,175 levels.
Supports: 8,100 and 8,070
Resistances: 8,150 and 8,175
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