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Nifty April Futures (8,368) The short-term downtrend in Nifty futures remains intact. After opening flat at 8,406, the contract trended lower, breaking its key support at 8,400 and recorded an intra-day low at 8,328 levels.
The contract is hovering well below its 21- and 50-day moving averages. The indicators on the daily chart continue to feature in the bearish zone backing the short-term downtrend.
Traders with a short-term perspective can go short on rallies while maintaining a stop-loss at 8,400 levels.
The contract can extend its downfall to 8,330 and then to 8,300, where its 200-day moving average is poised. A strong breakthrough of 8,300 can pull the contract down to 8,271 and 8,250 levels.
On the upside, a decisive rally above 8,400 can alter the bearish outlook and take the contract higher to 8,428 and 8,460 levels.
Strategy: Make use of rallies to go short with a stop-loss at 8,400 levels
Supports: 8,330 and 8,300
Resistances: 8,400 and 8,428
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