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Nifty 50 May Futures (10,540)
Following a positive start, the Nifty and the Sensex slipped into the negative territory. However, the bellwether indices tested key support level and bounced up.
The recovery failed to gather momentum and sustain at higher levels. Benchmark indices subsequently turned volatile and are trading sideways in a broad range.
The Nifty futures contract began the session at 10,533 and fell to an intra-day low of 10,507. Taking support in the band between 10,500 and 10,510, the contract bounded up to an intra-day high of 10,572.
Key resistance at around 10,575 is capping the contract. It is trading choppy. The market breadth is marginally biased towards advances.
Traders should tread with caution and consider initiating fresh long position in a strong rally above 10,560 levels with a fixed stop-loss at 10,550 levels. The contract can rally to 10,575 and then to 10,600 in the near term. Next resistances are pegged at 10,625 and 10,650 levels.
On the other hand, key supports are placed at 10,525 and 10,500. Only a decisive fall below 10,500 will change the trend and drag the contract down to 10,475 and 10,450 levels in the short-term.
Strategy : Desist from trading in this session
Supports: 10,525 and 10,500
Resistances : 10,575 and 10,600
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