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Nifty 50 September futures (10,080) The Nifty and Sensex started the session on a negative note and continued to hover in negative territory due to geopolitical concerns. Similarly, the Nifty futures contract also started the session in the red, opening with a gap down at 10,080 levels. After marking an intra-day high of 10,102, the contract fell sharply to record an intra-day low of 10,065 levels. It trades choppy with a negative bias. The market breadth of the Nifty index is biased towards declines.
Traders with a short-term perspective can make use of intra-day rallies to initiate fresh short positions, while maintaining a fixed stop-loss at 10,105 levels. The contract can test immediate intra-day support at 10,065 and then at 10,050 levels. A strong fall below 10,050 can pull the contract down to 10,030 and 10,000 levels in the near term.
On the other hand, an emphatic break above 10,110 is needed to bring back the bullish momentum and take the contract higher to 10,125 and 10,145 levels.
Strategy: Use rallies to initiate short positions with a fixed stop-loss at 10,105
Supports: 10,065 and 10,050
Resistances: 10,110 and 10,125
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