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Nifty 50 March Futures (10,345)
The Nifty 50 futures contract opened with a wide 86-point gap-down to begin the week on a weak note. The bearish outlook remains intact. Immediate resistance at 10,360 is capping the upside. The index futures can fall to 10,280 in the coming sessions. Whether the contract manages to bounce thereafter will decide the next move. A bounce from 10,280 will ease the downside pressure. It will also increase the likelihood of the contract moving back higher towards 10,400 in the short-term.
But if the index futures breaks below 10,280 decisively, it can come under more selling pressure. Such a break will increase the possibility of the contract tumbling towards 10,200 or even lower thereafter. Traders can go short at current levels and on rallies at 10,355. Stop-loss can be placed at 10,370 for the target of 10,290. Revise the stop-loss lower to 10,330 as soon as the contract moves down to 10,320.
Strategy: Go short at current levels and on rallies at 10,355 with stop-loss at 10,370
S upports: 10,300, 10,280
Resistances: 10,360, 10,400
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