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Nifty May Futures (8,190)
The Indian stock market saw some respite today after the big sell-off during the week. The Nifty futures contract recorded a low of 8,020 on Thursday and reversed higher. This relief rally could extend today and also over the next few trading sessions.
The Nifty futures can target 8,250 and 8,300. But the broad trend in the market remains down and the recent upmove could just be a corrective rally.
Intraday support is at 8,175. A break above the immediate resistance at 8,200 could add momentum and take the contract higher to 8,225 and 8,250 today. Traders can go long with a stop-loss at 8,170 for the target of 8,235.
This bullish outlook will get negated if the contract declines below 8,175. The subsequent targets on such a fall are 8,150 and 8,125.
Strategy : Go long with a stop-loss at 8,170
Supports : 8,175, 8,150
Resistances : 8,200, 8,225
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