Nifty 50 March Futures (9,084)

The Nifty March futures contract started the session with a gap-down open at 9,081 levels.

Following an initial intra-day rally to 9,130 levels, the contract began to experience selling pressure and once again declined breaching the immediate support at 9,100 levels. It has marked an intra-day low at 9,063.

The near-term outlook is bearish. The contract can extend its current down-move and test supports at 9,060 and 9,040 levels.

Further slump below 9,040 can pull the contract lower to 9,020 and 9,000 levels in the short term.

Traders with a near-term perspective can make use of intra-day rallies to initiate fresh short positions while maintaining a stop-loss at 9,110 levels. Key resistances are placed at 9,100 and 9,130 levels.

Only a strong rally beyond 9,145 will bring back buying interest and take the contract higher to 9,165 or 9,175 levels in the near term.

Strategy: Make use of intra-day rallies to initiate fresh short positions with a fixed stop-loss at 9,110 levels

Supports: 9,060 and 9,040

Resistances: 9,100 and 9,130