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Nifty 50 May Futures (9,483)
Following a positive open at 9,462, the Nifty futures contract advanced and marked an intra-day high at 9,493.9. However, witnessing profit-taking and selling pressure, the contract started to decline. It recorded an intra-day low of 9,458 and continues to trade in positive territory. The market breadth of the Nifty 50 index is biased towards advances.
The Asian markets are showing mixed trends, following a 2 per cent rally in crude oil prices. The near-term bullish momentum will be intact as long as the contract trades above the key immediate support level of 9,455.
Traders with a near-term perspective can hold on to their long positions with a stop-loss at 9,455 levels. Avoid fresh long positions if the contract fails to move beyond 9,500 levels. On the downside, if the contract declines below 9,455, selling pressure can pull it down to 9,430 and then to 9,415 or 9,400 levels. The key resistance above 9,500 is at 9,520.
Strategy: Buy with a stop-loss at 9,455
Supports: 9,455 and 9,430
Resistances: 9,500 and 9,520
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