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Nifty May Futures (8,483)
The Nifty futures started the session in the negative note at 8,401 levels and began to trend northwards witnessing buying interest.
However, after marking an intra-day high at 8,478 levels, the contract started to experience some selling pressure and is moving sideways.
To strengthen the bullish momentum, the contract needs to decisively rally above 8,480 levels. Since taking support at around 8,150 in recent times, the Nifty futures has been has been in a near-term uptrend.
Traders with a short-term perspective can go long above 8,480 with a stop-loss at 8,470 levels. Targets are 8,500 and 8,522 levels. Next key resistance is at 8,550 levels.
On the other hand, a strong fall below the immediate support level of 8,450 can trigger selling pressure and pull the contract down to 8,430 and then to 8,400 levels.
Strategy : Initiate longs on a strong move above 8,480 with a stop-loss at 8,470
Supports : 8,450 and 8,430
Resistances : 8,500 and 8,522
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