Nifty May Futures (8,395)
The Nifty futures contract continues to face resistance close to 8,450 since Wednesday. The contract has now declined below 8,400. This suggests lack of strong follow-through buying - a negative.
Intraday resistance is at 8,415 and as long as the contract trades below this hurdle, there is a danger of it falling to 8,330 today.
Short-term traders can go short. Stop-loss can be kept at 8,425 for the target of 8,355.
The downside pressure will ease slightly and bearish outlook could get negated if the contract manages to break above 8,415 during the day. In that case, it can revisit the 8,450 levels. But the bullish outlook will gain momentum only if the contract breaks above 8,450.
Strategy : Go short with a stop-loss at 8,425
Supports: 8,350, 8,330
Resistances: 8,415, 8,450