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Nifty 50 May Futures (9,395) The Nifty 50 futures contract has fallen sharply today. The contract made a low of 9,381 and has managed to bounce higher from there. However, this pull-back move lacks strength and the contract is hovering around the psychological 9,400-mark. Resistance is at 9,415 and support at 9,380. A breakout on either side of 9,380 or 9,415 will set the trend for the rest of the day.
A strong break below 9.380 will increase the downside pressure and drag the index futures lower to 9,365 or even 9,325. Short-term traders with high risk appetite can go short on a fall below 9,380. Stop-loss can be placed at 9,405 for the target of 9,330.
On the other hand, the downside pressure may ease if the contract manages to break above 9,415 decisively. Such a break will increase the likelihood of the contract rising to 9,435 and 9,460, thereafter.
Strategy: Go short on a fall below 9,380 with a stop-loss at 9,405
Supports: 9,380, 9,365
Resistances: 9,415, 9,435
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