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Nifty 50 April Futures (10,453)
After a flat opening, both the Sensex and the Nifty began to witness buying interest and started to move up. This upmove is backed by a strong rally in the Nifty IT and S&P BSE IT indices which have gained about 3.4 per cent each.
Nifty futures contract opened on a negative note at 10,415. After an initial decline to 10,397, the contract took support at around 10,400 and bounced back.
The contract breached the key resistance at 10,440 and moved higher. It has marked an intra-day high of 10,478 and is correcting slightly from this high.
Near-term view remains positive as long as the contract trades above 10,440 levels. Traders can make use of intra-day dips to buy the contract with a stop-loss at 10,435 levels.
Next resistance is at 10,500. An emphatic rally above this level can take the contract northwards to 10,525 and 10,550 levels.
On the other hand, a decisive plunge below the significant support level of 10,400 will weaken the contract and drag it down to 10,375 and 10,350 levels. In such a scenario, traders should desist taking fresh long positions.
Strategy : As long as the contract trades above 10,440, the near-term view remains positive. Buy in dips with a stop-loss at 10,435 levels.
Supports : 10,400 and 10,375
Resistances : 10,440 and 10,460
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