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Nifty June Futures (8,135)
The Nifty futures contract is taking a breather today after having fallen sharply in the past two days. The contract is range-bound between 8,100 and 8,165. Within this range, it is sliding after recording an intraday high of 8,164.
There is a strong likelihood of it moving down further to test 8,100 – the lower end of the range. A breakout on either side of this range will decide the next leg of movement for the contract.
A break above 8,165 will ease the downside pressure and take the contract higher to 8,200. On the other hand, a break below 8,100 can take it lower to 8,085.
This downside break will also increase the pressure for the contract to fall to 8,000. The bias on the chart is to see a break and fall below 8,100 to 8,085 and 8,000 in the coming sessions.
Traders can go short. Stop-loss can be kept at 8,170 for the target of 8,090. Intraday bounce to 8,150 and 8,165 can be used to accumulate short positions.
Strategy : Go short with a stop-loss at 8,170
Supports: 8,100, 8,085
Resistances : 8,165, 8,200
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