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Nifty 50 August Futures (10,124)
Following a positive open at 10,149, the Nifty futures contract started to decline, although Asian markets are hovering in the positive territory.
Domestic markets are focused on today's RBI policy. Key resistance at 10,150 has capped the upside in the contract. It declined and marked an intra-day low of 10,119 and tests a support at 10,120. Strong fall below this base can pull the contract down to 10,100.
Further decline below this level will strengthen the contract's down move and drag it down to 10,080 and 10,050 levels in the near term.
The Nifty 50 index is also experiencing selling pressure at higher levels. The market breadth of the index is biased towards declines.
Traders with a short-term view should tread with caution and consider initiating fresh short positions on a strong decline below 10,120 levels with a fixed stop-loss. The contract can test next support at 10,100 or even decline to 10,080 levels.
On the other hand, the contract needs to emphatically breach its immediate resistance at 10,150 levels to bring back bullish momentum and push the contract higher to 10,175 and 10,200 levels in the near term.
Strategy : Consider initiating fresh short positions on a decline below 10,120 levels with a fixed stop-loss.
Supports : 10,120 and 10,100
Resistances: 10,150 and 10,175
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