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Nifty 50 March Futures (7,435)
Following a positive open at 7,469, the Nifty futures started to decline. Taking support at around 7,405, the contract recovered and is currently wavering between positive and negative territory. Traders with a short-term perspective should tread with caution as long as the contract moves in the range of 7,400 and 7,450. Strong rally above 7,450 will strengthen the bullish momentum and take the contract higher to 7,470 and 7,500 levels in the near term. In that case, traders can consider initiating fresh long position with a stop-loss at 7,435 levels. Having said that, a slump below the immediate support level of 7,400 can bring selling pressure and drag the contract down to 7,375 or 7,350 levels. Next key supports are at 7,330 and 7,300 levels.
Strategy : Initiate fresh long position on a strong rally above 7,450 with a stop-loss at 7,435
Supports : 7,400 and 7,375
Resistances : 7,450 and 7,470
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