The Nifty futures opened with a gap up at 8,190 levels which is also its intra-day high. But the contract subsequently gave away its intra-day gains and started to decline.
It breached a key support at 8,150 and recorded an intra-day low at 8,116 levels. It is clearly witnessing selling interest at higher levels.
Traders with a short-term perspective can initiate a short position on a fall below 8,120 levels with a stop-loss at 8,130 levels. The contract can test the immediate support at 8,100.
A further fall below this level will strengthen the downtrend and pull the contract down to 8,080. Next significant support is pegged at 8,050 levels.
On the other hand, the contract needs to decisively rally above 8,150 to reinforce bullish momentum and accelerate northwards to 8,175 and 8,200 levels.
Strategy: Fresh short position can be initiated on a fall below 8,120 levels with a stop-loss at 8,130.
Supports: 8,120 and 8,100
Resistances: 8,150 and 8,175
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