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Nifty 50 Sep Futures (10,038)
Pressure is mounting on the Nifty 50 futures contract. The index futures opened with a wide 53-point gap-down at 10,085 and extended the fall to make a low of 10,020.
Though the contract has bounced slightly higher, it lacks momentum. Key resistances are at 10,055 and 10,080 which can cap the upside during the day. A rally to these levels may find fresh sellers coming into the market. A fall to 9,995 is likely in the coming sessions. Further break below 9,995 will increase the likelihood of the contract tumbling to 9,955 levels thereafter.
Traders with high risk appetite can go short on a bounce at 10,050. Stop-loss can be placed at 10,075 for the target of 10,005. Revise the stop-loss lower to 10,040 as soon as the contract moves down to 10,025.
The downside pressure will ease and the near-term view will turn positive only if the contract breaks above 10,080 decisively. Such a break can take the contract higher to 10,100 and 10,125.
Strategy : Go short on rallies at 10,050 with a stop-loss at 10,075
Supports: 9,995, 9,955
Resistances: 10,055, 10,080
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