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Nifty 50 May Futures (9,350)
The Nifty 50 futures contract is stuck in a narrow range between 9,320 and 9,365 since Monday. The immediate outlook is unclear and a breakout on either side of 9,320 or 9,365 will decide the next leg of move. Traders can stay out of the market for a few sessions until a clear cue on the direction of move emerges.
A strong break below 9,320 can take the contract lower to 9,300 or 9,280. On the other hand, a decisive rise past 9,365, which is more likely to happen can take the index futures higher to 9,380 and 9,400. Short-term traders with high risk appetite can go long on a break above 9,365. Stop-loss can be placed at 9,345 for the target of 9,395.
Strategy : Go long on a break above 9,365 with a stop-loss at 9,345
Supports : 9,320, 9,300
Resistances : 9,365, 9,400
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