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Nifty April Futures (8,765)
The Nifty futures April contract started the session on a positive note, opening with an upward gap at 8,749 levels. But subsequently it turned volatile and declined to mark an intra-day low at 8,716 levels which is just above the previous close of 8,711 levels. After taking support at this intra-day low, the contract has bounded up smartly. Traders with a short-term perspective can buy in dips while maintaining a stop-loss at 8,735. A strong rally above 8,774 can test the key resistance level of 8,800. Next important resistances are placed at 8,824 and 8,850 levels.
Conversely, decline below the immediate support level of 8,735 can pull the contract down to 8,715 and then to 8,700 levels. Subsequent supports are placed at 8,675 and 8,650 levels.
Strategy : Buy the contract on dips with a stop-loss at 8,735 levels.
Supports : 8,735 and 8,715
Resistances : 8,774 and 8,800
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