Nifty 50 April Futures (7,860)
The Nifty 50 futures is trading on a weak note. The contract has failed to sustain above 7,900 after opening at 7,905 and making a high of 7,908.8.
It has broken below the important 7,900-7,880 support zone and fell sharply to make an intraday low of 7,842. Though it has bounced back from this low now, an important intraday resistance at 7,875 could limit the upside.
A reversal from 7,875 can drag the contract lower to 7,830. A strong break below 7,830 can take the index futures further lower to 7,800 and 7,785.
Short-term traders with high-risk appetite can wait for a rise to go short at 7,870. Stop-loss can be kept at 7,895 for the target of 7,830.
Strategy : Wait for a rise and go short at 7,870 with a stop-loss at 7,895
Supports : 7,830, 7800
Resistances : 7,875, 7,900