Nifty 50 April Futures (7,711)
The Nifty futures April contract started the session on a negative note at 7,754.8 and continued to trade in the negative territory. After marking an intra-day high at 7,772, the contract began to decline experiencing selling pressure. Moreover, the contract witnessed selling pressure in intra-day rallies.
Traders with a short-term perspective can make use of rallies to initiate fresh short position with a stop-loss at 7,750. Resumption of the down-move can drag the contract down to test the immediate support at 7,700. Selling pressure will intensify on a downward break through the key support at 7,700 and drag the contract down to 7,675 and 7,650 in the near term.
On the upside, the contract needs to decisively break through the key resistance at 7,775 for an up-move to 7,800 levels. Resistances above this level are at 7,825 and 7,850 levels.
Strategy : Go short in rallies with stop-loss at 7,750 levels
Supports : 7,700 and 7,675
Resistances : 7,750 and 7,775