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Nifty 50 April Futures (10,475)
The Nifty 50 futures contract began the week on a weak note. The contract opened with a wide 50-point gap-down at 10,441 and made a low of 10,430. Though the index futures has bounced higher from the day’s low, a key resistance is ahead at 10,500.
A strong break above this hurdle will ease the downside pressure. Such a break can take the contract higher to 10,530 initially. Further break above 10,530 will then pave way for a fresh rally towards 10,600.
But if the Nifty 50 futures contract fails to break above 10,500 and reverses lower, it can remain under pressure. In such a scenario, the contract will be vulnerable to break below the support at 10,430.
A break below 10,430 will bring back renewed selling pressure and drag the contract lower to 10,390 or even lower levels thereafter.
Short-term traders can go short on a reversal from 10,490-10,500 region. Stop-loss can be placed at 10,515 for the target of 10,455. Revise the stop-loss lower to 10,480 as soon as the contract moves down to 10,465.
Strategy: Go short on a reversal from 10,490-10,500 with a stop-loss at 10,515
Supports: 10,430, 10,390
Resistances: 10,500, 10,530
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