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Nifty 50 May Futures (9,417)
The Nifty 50 futures contract seems to have lost momentum on the last trading day of the week. The contract opened with a gap-down and has come-off from the day's high of 9,443 to make a low of 9,401.
The key intraday support in the 9,400-9,395 region is holding as of now. But the chart suggests that the index futures may break this support zone and witness an intermediate corrective fall within its overall uptrend.
A break below 9,395 can take the contract lower to 9,370 or 9,365 initially. Further fall below 9,365 will increase the likelihood of the contract declining to 9,350 or even 9,325 thereafter.
Short-term traders with high risk appetite can go short at current levels. Stop-loss can be placed at 9,435 for the target of 9,380. Revise the stop-loss lower to 9,405 as soon as the contract moves down to 9,390.
On the other hand, if the contract manages to sustain above 9,395, it can remain range-bound between 9,395 and 9,450 for some time. Only a strong break above 9,450 will take the contract to higher levels.
Strategy: Go short with a stop-loss at 9,435
Supports : 9,395, 9,365
Resistances: 9,430, 9,450
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