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Nifty 50 May futures (9,485)
The Nifty 50 futures contract is bouncing back from the day's low of 9,463. This move is easing the initial pressure that was created after it opened the day with a gap-down.
A rise to test the 9,500-9,505 resistance region is likely now. Whether the contract breaks above this hurdle or not will decide the next move for the rest of the day.
Inability to break above 9,505 and a downward reversal from there can take the contract lower to 9,480 and 9,460. The level of 9,460 is a key intraday support. A break below it may drag the contract further lower to 9,440 and 9,420.
On the other hand, if the contract manages to breach above 9,505, it can gain momentum and surge to 9,520, 9,540 and even higher levels. On the charts, the bias is bullish and a break above 9,505 is likely to be seen.
Traders with high risk appetite can go long. Accumulate in dips near 9,470. Stop-loss can be placed at 9,455 for the target of 9,530. Revise the stop-loss higher to 9,500 as soon as the contract moves up to 9,510.
Strategy : Go long with a stop-loss at 9,455
Supports: 9,460, 9,440
Resistances : 9,505, 9,520
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