Nifty May Futures (8,264)
The Nifty futures contract has been volatile after a positive open at 8,255. The contract marked an intra-day low at 8,215 and high at 8,296 levels. It has a significant resistance at 8,300 levels and is struggling to surpass this level.
Moreover, its 200-day moving average poised just above at 8,324 levels also acts as a barrier. Therefore, traders with a short-term perspective with low risk appetite should tread with caution and initiate fresh long position only above 8,300 levels with a fixed stop-loss.
Important resistances above 8,300 are placed at 8,324 and 8,350 levels. High-risk traders can go long at current levels with a stop-loss at 8,235 levels and exit at 8,300 levels.
Key supports below 8,240 are placed at 8,220 and 8,200 levels. Subsequent supports below 8,200 are at 8,180 and 8,150 levels.
Strategy : Go long at current levels with a tight stop-loss at 8,235 levels.
Supports: 8,240 and 8,220
Resistances : 8,300 and 8,324