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Nifty 50 March Futures (10,366)
Taking cues from the global markets, which are trending downwards, the US indices, Dow Jones and S&P 500, fell about 0.6 per cent each in the last session. The Asian stocks started the session in negative territory and continue to trade in this zone.
The Nikkei 225 has slumped 0.9 per cent to 21,777 levels and the Hang Seng index has tumbled 1.3 per cent to 31,194 levels. Following the bearish trend, both the Nifty and the Sensex commenced the session in the red and continue to move lower.
The Nifty futures contract started the day with a gap-down open at 10,391. After marking an intra-day high at 10,408, the contract witnessed selling interest at higher levels and resumed its down-move. It has recorded an intra-day low at 10,342. The market breadth of the Nifty index is biased towards declines. The near-term outlook will remain bearish as long as the contract trades below 10,400 levels.
Traders can make use of intra-day rallies to sell the contract, while maintaining a fixed stop-loss at 10,385 levels. Immediate resistances are at 10,375 and 10,400. A strong decline below 10,340 can pull the contract down to 10,320 and 10,300 levels. Subsequent supports are placed at 10,275 and 10,250 levels. Resistances above 10,400 are at 10,430 and 10,450.
Strategy: Sell in intra-day rallies with stop-loss at 10,385 levels
Supports: 10,340 and 10,320
Resistances: 10,375 and 10,400
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