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Nifty 50 May Futures (9,431) After opening on a positive note at 9,463, the Nifty futures contract extended its upmove and recorded an intra-day high of 9,512. But, thereafter, it witnessed selling pressure and started declining on the back of profit-taking.
It has breached key intra-day supports at 9,460 and 9,440 while trending down. Though the Nifty futures contract found support at around 9,401 and made a minor recovery, it lacks strength. The market breadth of the Nifty 50 index is biased towards declines.
Traders with a near-term perspective can make use of intra-day rallies to initiate fresh short positions while maintaining a fixed stop-loss at 9,450 levels. The contact can resume its intra-day downtrend and test the support level of 9,400 once again. A strong downward breach of this support can pull the contract down to 9,380 and 9,350 levels. Key resistances to note above 9,440 are at 9,460 and 9,500 levels.
Strategy: Make use of intra-day rallies to go short while maintaining a fixed stop-loss at 9,450 levels.
Supports: 9,400 and 9,380
Resistances: 9,440 and 9,460
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