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Nifty 50 April Futures (9,158)
The Nifty 50 futures contract is trading volatile. It has failed to sustain higher after opening with a wide gap-up at the day's high of 9,207.
The contract has come-off sharply from the high and is currently trading near the day's low. Immediate support is at 9,150 which can be tested.
If the contract manages to reverse higher from this support, a rise to 9,170 and 9,185 is possible. Further break above 9,185 can take the index futures higher to 9,200 thereafter.
Traders with a short-term perspective can wait for dips and go long on a reversal from 9,150. Stop-loss can be placed at 9,135 for the target of 9,180.
On the other hand, if the contract breaks below 9,150 it can fall to 9,135 or 9,130. A break below 9,130 can drag the index futures further lower to 9,100.
Strategy: Go long on a reversal from 9,150 with a stop-loss at 9,135
Supports: 9,150, 9,130
Resistances : 9,170, 9,185
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