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Nifty April Futures (8,440)
The Nifty futures contract is pausing in the early trade today. It opened at 8,465.25 and recorded a high of 8,484.85. However, the contract has come off from the high and is range-bound between 8,420 and 8,460.
The overall outlook is bearish. Intraday resistances are at 8,460 and 8,485 which can restrict the upside for the rest of the day. The contract can fall to 8,400. A break below 8,400 can drag it lower to 8,350 thereafter.
Traders can go long with a stop-loss at 8,465 for the target of 8,410.
If the contract manages to reverse higher from 8,400, an intraday rally to 8,430 and 8,460 is possible. However, such a bounce could be short-lived as the overall downtrend remains intact.
Strategy : Go short with a stop-loss at 8,465
Supports: 8,420, 8,400
Resistances : 8,460, 8,485
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