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Nifty April Futures (8,690)
The Nifty Futures contract is trading weak. It recorded a high of 8,724.95 during the start of the session but reversed lower thereafter. The inability to sustain above 8,700 levels signals weakness and lack of buying interest. The upside could be limited and any intermediate rally is likely to attract fresh sellers in the contract.
Supports are at 8,665 and 8,650 which are likely to be tested today. A further break below 8,650 can drag the contract lower to 8,630 and 8,600 thereafter. Resistances are at 8,700 and 8,735.Traders with a short-term perspective can go short. Stop-loss can be placed at 8,725 for the target of 8,655.
Strategy : Go short with a stop-loss at 8,725
Supports : 8,665, 8,650
Resistances : 8,700, 8,725
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