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Nifty 50 April Futures (9,278) The Nifty futures contract opened the session with a gap-up at 9,264 levels. After an initial decline, the contract recorded an intra-day low of 9,244 and resumed its up move, witnessing buying interest. The contract breached its key resistance at 9,260 and marked an intra-day high of 9,282 levels. The contract has gained more than 0.5 per cent.
The market breadth of the Nifty 50 index is biased towards advances. The Nifty futures contract is trading at a slight discount to the Nifty 50 index as the date of derivatives expiry is nearing. The near-term outlook is bullish for the contract. Traders with a near-term perspective can make use of declines to go long with a fixed stop-loss at 9,260.
A strong rally beyond the current resistance level of 9,280 can take the contract higher to 9,300. A further rally beyond 9,300 can push the contract northwards to 9,325 levels. On the other hand, if the contract declines below the immediate support level of 9,245, the contract can decline to 9,230 and 9,210 levels in the near term.
Strategy: Near-term outlook is bullish for the contract. Buy on declines with a fixed stop-loss at 9,260 levels
Supports: 9,260 and 9,245
Resistances: 9,280 and 9,300
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