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The Nifty 50 futures contract began the session on a weak note. The contract opened with a gap-down at 11,594 and fell sharply to hit a low of 11,499. It is currently hovering at the day's low.
The outlook is negative with key resistances in the 11,510-11,520 region and then in the 11,540-11,550 region. Though an intermediate bounce to test these hurdles cannot be ruled out, a strong break above 11,550 looks unlikely at the moment. A fall to 11,450 or even 11,400 is likely in the coming sessions.
Traders can go short at current levels and at 11,525. Stop-loss can be placed at 11,540 for the target of 11,450. Revise the stop-loss lower to 11,485 as soon as the contract moves down to 11,475.
Strategy: Go short with a stop-loss at 11,540
Supports: 11,450, 11,400
Resistances: 11,520, 11,550
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