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Nifty 50 May futures (9,355)
After a sharp fall on Friday, the Nifty 50 futures contract has managed to reverse higher today.
Though the contract is coming-off from the day's high of 9,363, significant support in the 9,340-9,330 region may limit the downside for the day.
Though a test of this 9,340-9,330 support zone is likely during the day, a break below it is less likely. An eventual upward reversal can take the index futures higher to 9,380 and 9,400 in the coming sessions.
Short-term traders can go long on dips near 9,340. Stop-loss can be placed at 9,315 for the target of 9,380.
The index futures formed a strong base around 9,300 on Friday. So, the outlook will turn negative only if it declines below 9,300 decisively. Such a fall may drag it to 9,280 or 9,250 thereafter.
Strategy : Go long on dips at 9,340 with a stop-loss at 9,315
Supports: 9,330, 9,300
Resistances : 9,380, 9,400
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