The Nifty futures contract started the session on a negative note at 9,618 and continues to trade in the red.
Asian markets are trading in the negative territory; Nikkei 225 was down 51 points at 19,831 and Hang Seng index fell 233 points to 25,642 levels.
The Nifty futures contract has marked an intra-day high of 9,626 and intra-day low of 9,605 levels. Key support around 9,600 is providing base for the contract. The underlying Nifty index is also hovering in the negative territory. The market breadth of Nifty index is biased towards declines.
Traders with a short-term perspective can buy in dips as long as the contract trades above 9,600 levels with a fixed stop-loss at 9,590 levels.
The contract can test resistance at 9,625 levels. Strong rally above this level can push the contract higher to 9,650 and 9,670 levels.
On the other hand, desist initiating long position if the contract decisively falls below 9,600 levels. Next key support at 9,580 and 9,560 can provide base for the contract.
Strategy : Make use of dips to go long with a fixed stop-loss at 9,590 levels.
Supports: 9,600 and 9,580
Resistances : 9,625 and 9,650