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Nifty 50 February Futures (10,513)
After a positive open with a gap-up at 10,596, the Nifty February contract recorded an intra-day high of 10,615.
However, witnessing selling pressure, the contract began to decline. While trending down, the contract breached key supports at 10,550 and 10,530.
After registering an intra-day low of 10,493, the contract took support at 10,500. The market breadth of the Nifty index is biased towards declines.
Traders should tread with caution and consider initiating fresh short positions on a strong decline below 10,500 levels with a fixed stop-loss at 10,520.
The contract can extend its fall and test the next supports at 10,475 and 10,450 levels. Further decline below 10,450 can pull the contract down to 10,430 and 10,400 levels.
On the other hand, key resistances are placed at 10,530 and 10,550. Next resistances are at 10,575 and 10,600.
Strategy: Go short only if the contract decisively falls below 10,500 levels with a stop-loss at 10,520 levels
Supports: 10,500 and 10,475
Resistances: 10,530 and 10,550
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