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Nifty April Futures (8,565)
The Nifty Futures started the last session of the week on a flat note ahead of market holidays at 8,531 levels. After marking an intra-day low at 8,512 levels, the contract was volatile. It has decisively breached the immediate key resistance at 8,550 levels and went on to mark an intra-day high at 8,574 levels. Therefore, traders with a short-term perspective can buy the contract with a stop-loss at 8,550 levels. Continuation of the rally can re-test the intra-day high and make the contract rally to 8,600 levels. Subsequent resistances are pegged at 8,625 and 8,650 levels.
But, a strong fall below 8,550 will make the contract move sideways in the band between 8,500 and 8,550. On the downside, the contract has to conclusive break the significant support at 8,500 for a decline to 8,475 and 8,450 levels.
Strategy: Go long with a stop-loss at 8,550
Supports: 8,550 and 8,534
Resistances: 8,575 and 8,600
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