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Nifty 50 April Futures (10,567)
The Nifty 50 futures contract is holding on to its intra-day gains. The bounce-back move from the low of 10,501 marked on Tuesday indicates that fresh buying interest is in the market at lower levels.
A key intra-day support is at 10,535 which is holding well as of now. As long as the contract trades above this support, the bullish outlook will remain intact. A rally to 10,600 or even to 10,625 looks likely in the coming sessions.
Short-term traders can make use of dips and go long at 10,550 and also accumulate at 10,540. Stop-loss can be placed at 10,525 for the target of 10,595. Revise the stop-loss higher to 10,565 as soon as the contract moves up to 10,580.
The bullish outlook will get negated if the contract declines below 10,535. Such a break can pull the contract lower to 10,515 initially. Further break below 10,515 can drag the index futures lower to 10,490.
Strategy : Go long on dips at 10,550 and 10,540 with a stop-loss at 10,525.
Supports : 10,535, 10,515
Resistances : 10,600, 10,625
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