Nifty 50 February futures (11,091) After a muted start, the Nifty 50 futures contract has turned volatile following the outcome of the Reserve Bank of India's monetary policy meeting. The RBI has cut repo rates by 25 basis points to 6.25 per cent.

The Nifty 50 futures contract spiked to a high of 11,142.85 and has come-off sharply breaking below the psychological support level of 11,000.

Intra-day resistance is at 11,115. As long as the index futures trade below this hurdle, there is a strong likelihood of it falling to 11,065 and 11,040 in the coming sessions.

On the other hand, if the Nifty 50 futures contract manages to rise past 11,115, the downside pressure would ease. In such a scenario, the downside pressure would ease and the contract can move up to 11,150 and 11,170, thereafter.

Traders can stay out of the market until the volatility settles down.

Strategy: Stay out of the market

Supports: 11,065, 11,040

Resistances: 11,115, 11,145

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