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Nifty April Futures (8,182)
The Nifty Futures April and May contracts started the session on a negative note and still remain in the negative territory. The April month Nifty futures opened at 8,214. After marking an intra-day high at 8,225, the contract fell sharply. However, after recording an intra-day low at 8,142, the contract is witnessing some buying interest due to short-covering. The May month contract started the session at 8,279. It has registered an intra-day high at 8,288 and low at 8,201. The key support at 8,200 is providing base for the May contract. But, a decisive rally above the significant resistance level of 8,300 is required to reinforce bullish momentum and take the contract higher to 8,330 and 8,350 levels. Traders can go long in May contract only on a decisive rally above 8,300 with a stop-loss at 8,285.
Trader trading in the April month contract should tread with caution and initiate long position on a rally above 8,200 levels with a fixed stop-loss at 8,185. Strong breach of 8,200 can take the contract higher to 8,225 and then to 8,250 levels.
Strategy : Initiate long position on a rally above 8,200
Supports : 8,140 and 8,120
Resistances : 8,200 and 8,225
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