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Nifty 50 May Futures (9,405) The Nifty 50 futures contract is trading volatile. The contract surged to a high of 9,439.9 from the day's low of 9,392. But it failed to sustain higher and has come off its intraday high, thereby, wiping out almost all the gains made during the day. The near-term bias is bearish with strong resistance between 9,430 and 9,450.
Support is at 9,380. A strong break below that level will increase the possibility of the contract falling to 9,350 or 9,330, thereafter. Short-term traders with high risk appetite can make use of intraday rallies to go short near 9,420. Stop-loss can be placed at 9,445 for the target of 9,370.
The downside pressure will ease only if the contract breaks above 9,450 decisively. Such a break will pave way for a revisit of 9,500 levels.
Strategy: Go short on rallies at 9,420 with a stop-loss at 9,445
Supports: 9,380, 9,350
Resistances: 9,430, 9,450
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