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Nifty 50 April Futures (9,247) The Nifty 50 futures contract is trading volatile. It has failed to sustain the sharp bounce-back witnessed after the Reserve Bank of India's policy meeting on Thursday. The contract opened with a gap down at 9,234.8 and has managed to move higher from the day's low of 9,221.25. The immediate outlook is unclear. There is an equal chance for the contract to either rise to 9,285 or fall to 9,220 from current levels.
Broadly the contract may remain range-bound and volatile between 9,200 and 9,300 for some time. A breakout on either side of 9,200 or 9,300 will decide the next leg of move. Traders can stay out of the market and wait for a clear range breakout.
If the index futures manages to break above 9,300, a rise to 9,330 and 9,350 can be seen. On the other hand, a decisive fall below 9,200 can drag it to 9,165 and 9,150.
Strategy: Stay out of the market
Supports: 9,220, 9,195
Resistances: 9,285, 9,300
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