Following a gap up opening at 8,180, the Nifty futures contract extended its rally and marked an intra-day high at 8,279 levels. But the contract lost its bullish momentum and fell sharply, wiping out all the gains.
The contract found support around 8,100 levels and recorded an intra-day low at 8,096. The short-term trend continues to be down.
Traders with a short-term perspective can make use of the rallies to initiate fresh short position while maintaining a stop-loss at 8,180. Resumption of the downtrend can find support at 8,120 and then at 8,100 levels.
A decisive breach of the key support at 8,100 can pull the contract down to 8,080 and 8,050 levels in the near term.
On the upside, the contract needs to decisively breach its significant resistances at 8,180 and then at 8,200 to reinforce bullish momentum. Key resistances above 8,200 are at 8,225 and 8,250 levels.
Strategy: Initiate short position in rallies with a stop-loss at 8,180
Supports: 8,120 and 8,100
Resistances: 8,180 and 8,200
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