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Nifty 50 August Futures (10,073)
Taking cues from negative Asian markets, the Nifty futures contract extended its decline in today's session as well. The Nikkei 225 was down 0.3 per cent at 20,029 levels and Hang Seng index also slipped 0.3 per cent to trade at 27,525 levels.
The Nifty futures contract started the session in the red at 10,081. After recording an intra-day high of 10,087, the contract resumed its down move. However, the contract found support at the key immediate base level of 10,050 and began to recover marginally.
Overall the sentiment is bearish for the contract. The Nifty 50 index is also experiencing selling pressure at higher levels and has declined 0.3 per cent. The advances/declines ratio is biased toward declines.
Traders with a short-term perspective can consider selling the contract in rallies while maintaining a fixed stop-loss at 10,090 levels. The contract can resume its down move and test the immediate support level of 10,050 in the near term.
Further fall below 10,050 can pull the contract down to 10,030 and 10,010 levels. Key resistances are placed at 10,090 and 10,120 levels.
Strategy: Go short in rallies while maintaining a fixed stop-loss at 10,090 levels.
Supports : 10,050 and 10,030
Resistances : 10,090 and 10,120
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