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Nifty 50 March Futures (10,183) The Nifty 50 futures contract has failed to sustain higher after breaking above the psychological 10,200 mark earlier today. The contract made a high of 10,237 and has come-off sharply from there. The near-term bias is bearish. Resistance is between 10,185 and 10,200.
As long as the contract remains below this resistance zone, a fall to 10,150 is possible. If the contract manages to bounce back from 10,150, a relief rally to 10,185 or 10,200 is possible. But if the index futures breaks below 10,150 decisively, it will increase the likelihood of the contract revisiting 10,100 levels.
Traders can go short at current levels. Stop-loss can be placed at 10,205 for the target of 10,150. Revise the stop-loss lower to 10,175 as soon as the contract moves down to 10,160.
Strategy: Go short with stop-loss at 10,205
S upports: 10,150, 10,100
Resistances: 10,200, 10,235
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