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Nifty 50 May Futures (9,310)
The Nifty futures contract started the session on a negative note at 9,359 levels, also the day's high. It continued to decline witnessing selling pressure. The contract breached its immediate support at 9,330 and recorded an intra-day low of 9,302 levels.
The Asian markets are showing mixed signs. The Nikkei 225 has gained 0.7 per cent to 19,445 levels whereas Hang Seng index has declined 0.86 per cent to 24,471 levels. The market breadth of Nifty 50 index is biased towards declines.
The Nifty 50 index has breached its key support level of 9,300 experiencing selling pressure and profit-taking after the recent rally.
Traders with a short-term perspective can make use of intra-day rallies to sell the Nifty futures contract while maintaining a stop-loss at 9,330 levels.
Strong fall below 9,300 can pull the contact down to 9,280 and then to 9,260 or 9,250 levels in the near term. On the upside, the contract needs to decisively move beyond the vital resistance level of 9,375 to reinforce the bullish momentum and take the contract higher to 9,390 or 9,400 levels.
Strategy : Sell the contract in rallies while maintaining a stop-loss at 9,330 levels.
Supports: 9,300 and 9,280
Resistances : 9,330 and 9,350
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