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Nifty May futures (7,317.5)
Traders are extending their profit-booking making both the Sensex and Nifty fall around 0.7 per cent.
The Nifty May futures opened slightly higher at 7,361 and started falling immediately. However, after marking an intra-day low at 7,281, it is stabilising somewhat. This upmove is finding difficulty in surpassing the 7,320 level. A strong breach of 7,320 will be the cue for initiating intra-day long position for a target of 7,350 or 7,360.
But inability to move beyond 7,330 will mean that the decline can extend to 7,268 or 7,281.
Nifty futures strategy : Go long above 7,320.
Resistance 7360/ 7400
Support 7268/7280
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