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Nifty April Futures (8,425)
Trading in the Nifty futures contract has been volatile today. The contract opened with a huge gap-up at 8,500. However, it failed to sustain at higher levels and reversed sharply lower after recording a high of 8,529.95. The contract made a low of 8,400 and is again bouncing back from there.
The outlook is bearish. Resistance is at 8,445, which is likely to restrict the upside for the contract.
A break below psychological support at 8,400 can drag the contract lower to 8,375. It will also increase the danger of revisiting 8,300 levels.
Traders can go short. Stop-loss can be placed at 8,455 for the target of 8,385.
Downside pressure will ease if the contract breaks above 8,445. In such a scenario, an intraday rise to 8,485 is possible.
Strategy: Go short with a stop-loss at 8,455
Supports: 8,400, 8,375
Resistances: 8,445, 8,485
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