Nifty Call: Go short at current levels and also on a bounce at 11,355

Nifty 50 September Futures (11,340)

Nifty 50 futures contract is struggling to gain strength. The contract opened with a wide 31-point gap-up at 11,304 and surged to make an intraday high of 11,385. However, it failed to sustain higher and has come-off from the day's high and is currently trading at 11,340.

Immediate support is at 11,330. A break below it can see a dip to 11,300 or 11,290. Further break below 11,290 can drag the index futures lower to 11,250.

A cluster of resistances is poised between 11,380 and 11,400. The outlook will turn positive only if the Nifty 50 futures contract breaks above 11,400 decisively. The subsequent targets are 11,430 and 11,450. However, such a strong rally looks unlikely at the moment.

Short-term traders with high risk appetite can go short at current levels and on a bounce at 11,355. Stop-loss can be placed at 11,375 for the target of 11,270. Revise the stop-loss lower to 11,330 as soon as the contract moves down to 11,315.

Strategy: Go short at current levels and also on a bounce at 11,355 with a stop-loss at 11,375.

Supports: 11,330, 11,300

Resistances: 11,380, 11,400

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