Nifty April Futures (8,285)
The Nifty futures contract is trading volatile. It opened with a gap up at 8,340, but tumbled to a low of 8,226. The sharp reversal from this low has failed to break above 8,300.
Lack of follow through buying to lift the contract above 8,300 decisively leaves the overall bearish outlook intact. The contract can fall back to 8,220 levels once again during the day as long as it trades below 8,300.
Traders can go short with a stop-loss at 8,310 for the target of 8,230.
The downside pressure will ease only if the contract breaks above 8,300 decisively. The next targets will be 8,330 and 8,350.
Strategy : Go short with a stop-loss at 8,310
Supports : 8,250, 8,220
Resistances : 8,300, 8,330
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