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The Nifty 50 futures contract has come-off sharply after making an intraday high of 11,595.75. The near-term outlook is negative, and the index futures looks vulnerable for a corrective fall.
A key intraday resistance is in the 11,535-11,545 zone, which is likely to cap the upside. As long as the contract trades below this resistance, a fall to 11,450 and 11,430 is possible on the back of profit-booking.
Traders can go short at current levels and also on rallies at 11,525. Stop-loss can be placed at 11,555 for the target of 11,440. Revise the stop-loss lower to 11,495 as soon as the contract moves down to 11,480.
The index futures will regain bullish momentum only on a strong break above 11,600. The next target is 11,650.
Strategy: Go short at current levels and at 11,525 with a stop-loss at 11,555
Supports: 11,500, 11,450
Resistances: 11,545, 11,600
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