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Nifty 50 May Futures (10,453)
The Nifty 50 futures contract seems to be getting some breather, after a sharp fall in the previous session. The psychological support level of 10,400 has halted the fall at the moment and the index futures has bounced higher.
It is currently hovering at a key intra-day resistance level of 10,465. If the contract breaks above this hurdle, a relief rally to 10,500 or 10,510 is possible on the back of short-covering.
Short-term traders with a high-risk appetite can go long on a break above 10,465 with a stop-loss at 10,445 and for the target of 10,495. Revise the stop-loss higher to 10,475 as soon as the contract moves up to 10,485.
On the other hand, if the index futures fails to break above 10,465, it can decline to 10,400 again. A range-bound move between 10,400 and 10,465 is possible for some time.
The contract will come under renewed pressure if it breaks below 10,400. Such a break can drag it to 10,360 or even 10,330.
Strategy : Go long on a break above 10,465 with a stop-loss at 10,445.
Supports : 10,400; 10,360
Resistances : 10,465; 10,510
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