Nifty 50 February Futures (8,770) After hovering within a narrow range above 8,800 over the last couple of days, the Nifty 50 futures contract fell below this psychological level today. This has turned the immediate outlook bearish. A key intra-day support is at 8,760. If it holds, an intermediate upmove to 8,785 or 8,790 is possible during the day. An immediate break above 8,790 looks less probable. Traders can use such a bounce-back to take short-positions near 8,780. Stop-loss can be placed at 8,805 for the target of 8,745.

A strong break below the intra-day support at 8,760 can drag the index futures lower to 8,730 or even 8,700 thereafter. Whether the contract breaks below the 8,730-8,700 support zone or not will then decide the next leg of move.

Strategy: Go short on a bounce near 8,780 with a stop-loss at 8,805

Supports: 8,760, 8,730

Resistances: 8,790, 8,815