Nifty October Futures (8,141)
The Nifty futures contract is range-bound today. The contract is oscillating between 8,122 and 8,162. However, the bias is bearish with a strong intraday resistance in the 8,140-8,160 zone. This resistance zone is holding well now.
A fall to 8,100 looks likely today. Further break below 8,100 can drag the contract lower to 8,060. Inability to break below 8,100 and a subsequent reversal from there could keep the contract range-bound between 8,100 and 8,160.
Traders with a short-term perspective can go short. Stop-loss can be kept at 8,170 for the target of 8,100.
The downside pressure will ease if the contract breaks above 8,160. The ensuing targets will be 8,180 and 8,200.
Strategy: Go short with a stop-loss at 8,170
Supports: 8,100, 8,060
Resistances: 8,160, 8,180