Nifty May Futures (7,300)
After opening on a flat note, the Sensex and the Nifty experienced selling pressure and declined even as the expiry of May derivative contracts dominated trading. The Nifty futures is currently down 31 points hovering above the support at 7,285. Some buying interest is evident. Traders can consider going long in this contract with a stop-loss at 7,295. If Nifty futures sustains above 7,300, it can climb higher to 7,320 and then to 7,340. However, expect volatility to continue and sharp swings are possible towards the end of the session.
On the other hand, a fall below 7,295 level will negate the positive view. In this scenario, a break of its next support at 7,285 is possible and it can reach 7,250.
Supports : 7,285, 7,250
Resistances : 7,320, 7,340 and 7,385.