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Nifty 50 January futures (11,081) Taking mixed cues from the global markets, the domestic benchmark indices started the session on a marginally negative note and turned volatile thereafter. The Nifty futures contract opened the session in the red at 11,079.
After marking an intra-day high of 11,104 the contract started to decline, witnessing selling pressure as well as profit-taking at higher levels. The contract breached the immediate support at 11,050 and recorded an intra-day low at 11,043. Although the contract has bounced back from its intra-day low, it is experiencing selling pressure at higher levels.
Traders with a near-term perspective can go short on rallies, while maintaining a fixed stop-loss at 11,105 levels. Resumption of the down-move and a fall below 11,050 can strengthen the bearish momentum once again and pull the contract down to 11,025 and 11,000 levels. A further slump below 11,000 can drag the contract down to 10,975 and 10,950 levels. Key resistances above 11,085 are at 11,100 and 11,120 levels.
Strategy: Go short on rallies while maintaining a fixed stop-loss at 11,105 levels
Supports: 11,050 and 11,025
Resistances: 11,100 and 11,120
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