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Nifty April Futures (8,449)
On Tuesday, the Nifty futures contract opened with a gap down at 8,439 levels. The contract went on to record an intra-day low at 8,414 levels. But subsequently, it bounced back and recouped most of its intra-day losses. The contract faces a key resistance at 8,500. Traders with a short-term perspective can buy the contract on dips while maintaining a stop-loss at 8,425 levels. An upward reversal from the key base level of 8,430 can push the contract northwards to 8,475 and then to 8,500 levels. But, the contract needs to emphatically breakthrough 8,500 levels to strengthen the bullish momentum and take it higher to 8,530 and 8,550 levels.
On the downside, a strong fall below the immediate support level of 8,430 can mar the positive view and pull the contract down to 8,414 and then to 8,400. Next key support is at 8,380 levels.
Strategy : Buy on dips while maintaining a stop-loss at 8,425 levels.
Supports : 8,430 and 8,400
Resistances : 8,475 and 8,500
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