Nifty April Futures (8,735)
The Nifty futures contract continues to trade weak after its sharp fall on Wednesday. The outlook is bearish. Key intraday resistances are at 8,745 and 8,765 which could limit the upside. The contract is likely to test 8,700 levels today. A break below 8,700 will drag the contract lower to 8,680 and 8,660 which are the next key support levels.
On the other hand, if the contract manages to bounce back from 8,700, a rise to 8,730 and 8,750 is possible.
Traders with a short-term perspective can go short. Stop-loss can be placed at 8,755 for the target of 8,700.
Strategy : Go short with a stop-loss at 8,755
Supports : 8,700, 8,680
Resistances : 8,745, 8,765