After a positive opening at 8,816, the Nifty futures contract marked an intra-day high at 8,843.8.

However, after witnessing selling pressure and due to profit-taking in PSU Banks, the contract began declining. While trending down, the contract decisively breached the key immediate supports at 8,800 and 8,750 and recorded an intra-day low of 8,733.

But it rebounded from this low and is on a marginal recovery mode. The market breadth towards advance/decline ratio is even.

Strong rally beyond 8,800 is needed to ease the selling pressure and bring back buying interest. In that case, the contract can trend upwards to 8,820 and then to 8,843 levels.

Traders with a short-term perspective can go long on a strong rally beyond 8,800 levels with a fixed stop-loss. However, failure to move beyond 8,800 can keep the selling pressure and pull the contract down to 8,750 and then to 8,733 levels once again. Key support below 8,733 is at 8,700.

Strategy: Go long only on a strong rally beyond 8,800 levels with a fixed stop-loss at 8,785 levels.

Supports: 8,765 and 8,750

Resistances: 8,800 and 8,820