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Nifty April Futures (8,575)
The Nifty April futures contract started the week near its previous week's close at 8,638. Following a mild move into the positive zone, the contract marked an intra-day high at 8,643 and began to decline witnessing selling pressure.
The contract breached a key support at 8,600 and fell to record an intra-day low at 8,559 level. However, key support in the band between 8,550 and 8,560 is providing base for the contract. Traders with a short-term perspective can make use of the rallies to initiate short position with a stop-loss at 8,600 levels and exit at the support band.
Also, traders’ with low risk apatite can wait and initiate fresh short position only if the contract decisively falls below 8,550 levels with a stop-loss at 8,565 levels. The contract can decline further lower to 8,530 and then to 8,500 levels.
Conversely, a strong rally beyond 8,600 can bring some bullish momentum to the contract and take it higher to 8,625 and then to 8,650 levels.
Strategy : Sell the contract on rallies with a stop-loss at 8,600 levels.
Supports : 8,550 and 8,530
Resistances : 8,600 and 8,625
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