Nifty call: Go short on fall below 11,450

Nifty 50 August futures (11,481) The Nifty and the Sensex started the session on a positive note, with a gap-up open in today's session. Both the indices touched record highs and currently hover in positive territory.

The mid- and small-cap indices also feature in the positive zone. But the market breadth of the Nifty index is biased towards a decline and the volatility index, India VIX, hovering in positive territory, is up by 0.5 per cent at 12.67 levels.

The Nifty August month futures contract began the session with a gap-up open at 11,498. However, the contract started to decline, witnessing selling pressure at higher levels and on the back of profit-taking. The contract has marked an intra-day low at 11,467.

As long as the contract trades above the key support level of 11,450, its near-term stance may remain bullish and an upward reversal is possible. Nevertheless, a decisive plunge below 10,450 would strengthen the selling pressure and drag the contract down to 11,425 and 11,400 levels.

Traders can initiate fresh short positions on a conclusive fall below 11,450 levels, with a fixed stop-loss. Key resistances are at 11,500 and 11,525 levels

Strategy: Go short on a fall below 11,450

Supports: 11,450 and 11,425

Resistances: 11,500 and 11,525

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