Nifty 50 April Futures (9,246) The Nifty 50 futures contract has reversed higher from the day's low of 9,187. Though the contract made a gap-down opening below the psychological 9,200-mark, it has managed to bounce back sharply. This suggests that the contract is getting fresh buying interest at lower levels around 9,200. Also, technically the Fibonacci retracement support at 9,195 is holding well and limiting the downside in the contract.
The outlook is bullish. Intermediate support is at 9,230 and then the next key support to watch is at 9,195. Immediate resistance is at 9,265. A strong break above it will take the index futures higher to 9,285 and 9,300 in the coming sessions.
Traders with a high risk appetite can go long. Stop-loss can be placed at 9,225 for the target of 9,285.
The outlook will turn negative only if the contract breaks below 9,195 decisively. The next targets are 9,165 and 9,130. But such a strong break and fall below 9,195 looks unlikely at the moment.
Strategy: Go long with stop-loss at 9,225
Supports: 9,230, 9,195
Resistances: 9,265, 9,285