Nifty October Futures (8,138)
The key resistance at 8,200 levels is acting as a strong barrier, holding the Nifty futures contract back.
The contract opened the session at 8,199 and started to decline thereafter. It breached the important supports at 8,175 and 8,150 while trending down and marked an intra-day low at 8,127 levels. The outlook for the session is bearish.
Traders with a short-term perspective can consider selling the contract on rallies while maintaining a stop-loss at 8,175.
A strong fall below the immediate base level of 8,130 can drag the contract down to 8,100 levels. Next key supports are at 8,074 and 8,050.
On the other hand, the contract has to breach the key resistance at 8,175 for a corrective rally to 8,200. To strengthen the short-term uptrend, the contract needs to decisively break above the 8,200 levels. Subsequent resistances are at 8,225 and 8,250 levels.
Strategy: Go short in rallies with stop-loss at 8,175
Supports: 8,130 and 8,100
Resistances: 8,150 and 8,175
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