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Nifty 50 April Futures (10,403)
Nifty 50 futures contract has begun the week on a positive note. The contract has risen sharply from the day's low of 10,348 to make a high of 10,414.9.
The near-term view is positive with an immediate support at 10,380. A rise to test the 10,450-10,460 resistance zone is likely in the near term.
A strong break above 10,460 will pave way for the next target of 10,500. But a pull back from the 10,450-10,460 resistance zone can drag the index futures lower to 10,400 levels again.
Traders can go long at current levels and also accumulate on dips at 10,390. Stop-loss can be placed at 10,375 for the target of 10,450. Revise the stop-loss higher to 10,420 as soon as the contract moves up to 10,430.
The outlook will turn negative only if the contract breaks below 10,380 decisively. Such a break can drag the contract lower to 10,350 or even 10,320 thereafter.
Strategy: Go long at current levels and accumulate on dips at 10,390
Supports: 10,380, 10,350
Resistances: 10,460, 10,50
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