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Nifty 50 March Futures (11,073)
The Nifty 50 futures contract has been subdued in the trading session today. The contract opened with a gap-down and fell to an intra-day low of 11,037.5. However, it has bounced up from there and is currently trading near the day's high. A cluster of resistances are poised between 11,085 and 11,100, which can cap the upside.
A fall to revisit the key intra-day support level of 11,035 looks likely. A break below 11,035 could then drag the Nifty 50 futures contract lower to 11,000 and 10,975 in the coming sessions.
Traders could go short at current levels and also at 11,085. Stop-loss can be placed at 11,105 for the target of 11,010. Revise the stop-loss lower to 11,055 as soon as the contract moves down to 11,045.
The bearish outlook will get negated if the index futures breaks above 11,100. Such a break would ease the downside pressure and increase the likelihood of the contract targeting 11,130 and 11,160 thereafter.
Strategy: Go short at current levels and at 11,085, with a stop-loss at 11,105
Supports: 11,035, 11,000
Resistances: 11,085, 11,100
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