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Nifty 50 January Futures (10,628)
Taking cues from Asian markets, both the Nifty and Sensex started the session on a positive note but turned volatile thereafter. The benchmark indices started to decline after witnessing selling pressure at higher levels.
The Nifty futures contract opened the session with a gap-up at 10,645 levels. But after marking an intra-day high at 10,654, the contract started to decline. The contract entered the negative territory and recorded an intra-day low at 10,616 levels. The market breadth of the Nifty index is biased towards declines. The contract is experiencing selling pressure at higher levels.
Traders with a near-term perspective can make use of intra-day rallies to sell the contract while maintaining a fixed stop-loss at 10,650. The contract can continue to decline and test supports at 10,615 and 10,600 levels.
Further decline below 10,600 will intensify the selling pressure and pull the contract down to 10,575 and 10,550 levels in the short term. Key resistances above 10,650 are at 10,665 and 10,690 levels.
Strategy: Go short in rallies with a fixed stop-loss at 10,650 levels
Supports: 10,615 and 10,600
Resistances: 10,650 and 10,665
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