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Nifty May Futures (8,342)
Following a marginal positive open at 8,371, the Nifty futures contract started to decline. After recording an intra-day low at 8,326, the stock has been moving sideways between 8,326 and 8,370.
Traders with a short-term perspective should tread with caution as long as the contract moves within this range.
A strong fall below 8,326 will strengthen the bearish momentum and pull the contract down to 8,300. In that case, traders can initiate fresh short position with a stop-loss at 8,340 levels. Further decline below 8,300 can pull the contract down to 8,280 and 8,250 levels.
On the other hand, a move beyond 8,370 will be a corrective rally to 8,400 levels. The contract needs to emphatically break the key resistance level of 8,400 to reinforce bullish momentum and push the contract northwards to 8,420 and then to 8,450 levels.
Strategy : Go short on a fall below 8,326 with a stop-loss at 8,340
Supports : 8,326 and 8,300
Resistances: 8,370 and 8,400
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