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Nifty May Futures (7,325)
Both Sensex and Nifty opened flat and are fluctuating between the negative and positive zones.
Nifty futures is also trading in a flat range. After opening at 7,322.60, it has registered an intra-day high of 7,344.40 and low of 7,303.20 so far. The contract can continue to trade in a narrow band for some more time but a break-out of this range is possible later in the day.
Traders can remain cautious as long as Nifty futures trades between 7,300 and 7,345. A decisive fall below 7,300 will be cue for initiating fresh short position with same level as stop-loss. The contract can then decline to 7,267 levels. A move above 7,345 will give the next target of 7,382.
Strategy : Go short if Nifty futures slips below 7,300 levels.
Supports : 7,300, 7,267
Resistances : 7,345, 7,382 and 7,400.
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