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Nifty May Futures (8,266)
After a positive start at 8,348, the Nifty futures began to decline after marking a intra-day high at 8,365 levels.
The June month contract also started on a positive note but it gave away its intra-day gains. The near-term outlook for both May and June month contracts is bearish.
Traders with a near-term view can go short with a stop-loss at 8,295 and 8,315, levels respectively. Both contracts can decline further.
Key supports for the May contract are at 8,250 and then 8,230 levels. Next important support is placed at 8,200 levels. On the other hand, the May contract needs to decisively rally beyond 8,340 levels to alter the bearish view. Immediate resistance is at 8,300 levels.
For June month contract, the key resistances are at 8,360 and 8,380 levels. Only a strong rally above 8,360 levels will reverse the bearish outlook.
Strategy : Make use of rallies to initiate fresh short position with a stop-loss at 8,295 levels
Supports : 8,250 and 8,230
Resistances : 8,300 and 8,340
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