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Nifty 50 April futures (9,150) The Nifty 50 futures contract opened with a gap down today but managed to reverse sharply higher from the day's low of 9,120.6.
The immediate outlook is bullish. A double bottom pattern has been confirmed on the intraday charts. This is a bullish reversal pattern. Immediate support is near current levels at 9,145, which is likely to limit the downside during the day. The next key support is at 9,125. A rise to 9,170 looks likely. A strong break above 9,170 will increase the likelihood of the contract extending its upmove to 9,200.
Short-term traders can go long. Stop-loss can be placed at 9,130 for the target of 9,185.
The bullish outlook will get negated if the index futures breaks below 9,125. The next target is 9,100. However, the outlook will turn negative only if the contract breaks below 9,100. But such a break looks less probable at the moment.
Strategy: Go long with a stop-loss at 9,130
Supports: 9,145, 9,125
Resistances: 9,170, 9,200
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