Nifty May Futures (8,320)
The Nifty futures contract is showing some sign of respite after having witnessed a turbulent sell-off in the last three weeks. The contract opened the week at 8,252 and shot up to a high of 8,344. It is currently hovering above the psychological support at 8,300.
The immediate outlook is bullish as long as it traders above 8,300. A rise to 8,360 looks likely during the day today. A further break above 8,360 can take it higher to the next target of 8,400.
Traders can go long. Stop-loss can be placed at 8,290 for the target of 8,360.
This bullish outlook will get negated if the contract declines below 8,300 during the day. The next targets are 8,270 and 8,235.
Strategy : Go long with a stop-loss at 8,290
Supports : 8,300, 8,270
Resistances : 8,360, 8,400