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Nifty April Futures (8,410)
The Nifty futures contract started the session on a positive note at 8,428 levels. After an initial rally to an intra-day high of 8,447, the contract faced a key resistance at 8,450 and gave away its intra-day gains.
The contract is witnessing some buying interest at lower levels and has bounced up after marking an intra-day low at 8,385 levels.
Traders with high risk appetite can buy the contract on decline with a stop-loss at 8,390 levels.
An upward reversal from the immediate support level of 8,400 can take the contract higher to 8,430 and then to 8,450 levels.
The contract needs to decisively rally beyond 8,450 for further upside. Then the contract can move higher to 8,475 and 8,500 levels. A decisive fall below the key support level of 8,400 can pull the contract down to 8,370 and then to 8,350 levels.
Strategy : Can go long on dips while maintaining a stop-loss at 8,390 levels.
Supports: 8,400 and 8,375
Resistances: 8,430 and 8,450
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