The Nifty futures contract is trading on a weak note ahead of the expiry today. The outlook continues to remain bearish. The contract fell below its support at 8,150 to record an intraday low of 8,135. Though the contract has bounced back from this low, key intraday resistances at 8,165 and 8,190 are likely to cap the upside for the contract.
A fall to 8,100 and 8,085 looks likely now. Traders with a short-term perspective can go short. Stop-loss can be kept at 8,175 for the target of 8,105.
The downside pressure will ease only if the contract breaks above 8,200 decisively. But such a strong rise looks unlikely at the moment.
Strategy: Go short with a stop-loss at 8,175
Supports: 8,100, 8,085
Resistances: 8,165, 8,190
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