Nifty April futures (8,247)
The short-term downtrend in Nifty futures is still intact and the contract continues its decline in today's session as well. After a gap down open at 8,222 levels, the contract managed to recover its initial loss. However, the selling pressure and the key resistance at 8,300 kept the contract in check. The contract is currently volatile attempting to trend northwards. Traders should tread with caution as long as the contract trades below the key resistance level of 8,300 levels. Only a decisive rally above this level will reinforce the bullish momentum and push the contract higher to 8,330 and 8,350 levels.
But, inability to surpass 8,300 will keep the bearish momentum intact and can pull the contract down to 8,250 and then to 8,220 or 8,200 levels in the near future. Therefore, traders with a short-term view should initiate fresh long position only a decisive breakthrough of 8,300 levels with a stop-loss at 8,285 levels.
Strategy : Go long only on a break above 8,300
Supports : 8,220 and 8,200
Resistances : 8,275 and 8,300
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