Nifty 50 May Futures (7,890)
The Nifty 50 futures contract is volatile and range-bound between 7,850 and 7,950. The immediate outlook is not clear. There is an equal chance for the contract to move on either direction from the current levels. So traders can stay out of the market until a clear trade signal emerges.
If the contract manages to rise above 7,900, it can move up to 7,930 and 7,960. On the other hand, a fall from current levels can drag the index futures lower to 7,850 and 7,830.
Broadly, the contract may remain range bound between 7,800 and 8,000 for a few sessions. A breakout on either side of 7,800 or 8,000 will give hints to the contract's next move.
Strategy : Stay out of the market
Supports: 7,870, 7830
Resistances : 7,930, 7,965