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Nifty 50 Dec Futures (10,240)
The Nifty 50 futures contract is facing strong selling pressure at higher levels. This is evident from its inability to sustain the break above 10,300 witnessed earlier in the day.
The contract made a high of 10,308 and has come-off sharply from there. The outlook is bearish. Key resistances are at 10,255 and 10,280 which are likely to cap the upside.
Support is at 10,205 which is likely to be tested. If the contract manages to bounce from there, it can rise to 10,250 again. But a fall below 10,205 can increase the selling pressure and drag the index futures lower to 10,180 or even 10,135 thereafter.
Traders can go short at current levels and on rallies at 10,250. Keep the stop-loss at 10,270 for the target of 10,190. Revise the stop-loss lower to 10,215 as soon as the contract moves down to 10,205.
Strategy: Go short in rallies with a stop-loss at 10,270
Supports: 10,205, 10,180
Resistances: 10,255, 10,280
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