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Nifty March Futures (8,670)
The Nifty futures contract is calm after tumbling 1.5 per cent on Friday. The contract is stuck within a narrow range of 8,656-8,687 so far today.
The overall outlook is negative. Support for the contract is at 8,650. A break below this support level looks likely. Such a break can drag the Nifty futures contract lower to 8,625 and 8,600 during the day.
Traders can go short now. Stop-loss can be placed at 8,695 for the target of 8,635.
Key intraday resistances are at 8,690 and 8,705 which are expected to cap the upside for the contract. Only a break above 8,705 will ease the downside pressure and take the contract higher to 8,735. But such a rise looks unlikely at the moment.
Strategy : Go short with a stop-loss at 8,695
Supports : 8,650, 8,625
Resistances: 8,690, 8,705
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