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Nifty May Futures (8,310)
The Nifty futures contract opened at 8,294, breaching the key support at 8,300 and went of to mark an intra-day low at 8,272 levels.
Subsequently, the contract saw some buying interest and recovered some initial loss. However, that recovery was not enough to breach the significant resistance at around 8,337. Only a strong rally above this resistance will strengthen the bullish momentum and take the contract higher for a corrective up move to 8,350 and then to 8,370 levels.
Next, significant resistance at 8,400 is required to be breached for further upward momentum. Then, the contract can trend upwards to 8,430 and 8,450 in the short-term.
As long as it trades below 8,337 levels, the near-term outlook will be bearish and failure to breach this level will be cue for initiating fresh short position with a stop-loss at 8,345 levels. The contract can extend its decline to 8,290 and then to 8,270 levels. Subsequent key support is placed at 8,250 levels.
Strategy: Fresh short position can be initiated if the contract fails to rally above 8,337
Supports: 8,290 and 8,270
Resistances: 8,337 and 8,350
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