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Nifty 50 March Futures (10,200)
The Nifty 50 futures contract is continuing to trade under pressure. The contract failed to sustain above 10,400 and tumbled over 1 per cent to close at 10,248 on Tuesday. The contract extended its down-move today as well. It made a low of 10,175 and has bounced slightly from there.
The outlook remains bearish. Key resistances are at 10,220 and 10,250, which can cap the upside in the near-term. A fall to 10,140 looks likely now. A break below it can drag the contract further lower to 10,100 or even lower.
Traders can make use of rallies to go short at 10,215. Stop-loss can be placed at 10,245 for the target of 10,150. Revise the stop-loss to 10,195 as soon as the contract moves down to 10,175.
The downside pressure will ease only if the contract breaks above 10,250 decisively. Such a break will increase the likelihood of the contract moving up towards 10,300.
Strategy: Go short on rallies at 10,215 with a stop-loss at 10,245
S upports: 10,140, 10,100
Resistances: 10,220, 10,245
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