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Nifty 50 April Futures (10,193)
The Nifty 50 futures contract is trading on a mixed note. Though the contract opened with a wide gap-up, it is not gaining momentum to breach the psychological 10,200 level decisively. The contract made a high of 10,220 and has come-off from there. Immediate resistance is at 10,210. A strong break above it is needed for the index futures to rise further. Such a break can take the contract higher to 10,250 or even higher thereafter.
Traders can go long on a break above 10,210. Stop-loss can be placed at 10,195 for the target of 10,245. Revise the stop-loss higher to 10,225 as soon as the contract moves up to 10,235.
On the other hand, if the index futures remains below 10,210, it can fall to 10,165 or 10,150. Further break below 10,150 will increase the likelihood of the contract falling towards 10,130 and 10,110.
Strategy: Go long on a break above 10,210 with a stop-loss at 10,195
Su pports: 10,165, 10,150
Resistances: 10,210, 10,250
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