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The Nifty futures started the session with a gap-up open at 9,358 levels, following the underlying Nifty 50 index which opened with a gap-up at 9,360 levels.
Subsequently, the contact surged to record an intra-day high of 9,375. Both the Nifty and Nifty futures contract started to decline after that, witnessing selling interest at higher levels.
The market breadth of Nifty 50 is biased towards declines. The contract found support at 9,332 and continues to trade volatile in the band between 9,330 and 9,360.
Traders with a short-term view should tread with caution as long as the contract moves in this narrow range.
A decisive fall below 9,330 will strengthen the selling pressure and pull the contract down to 9,310 or 9,300 levels.
Further breach of the key support level of 9,300 can drag the contract down to 9,280 and then to 9,260 levels in the near-term.
Having said that, if the contract advances above 9,360 the selling pressure can ease and take the contract higher to 9,375 and 9,400 levels.
Strategy : Go short only on a strong decline below 9,330
Supports : 9,330 and 9,310
Resistances : 9,360 and 9,375
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