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Nifty 50 April Futures (9,197)
The Nifty April month futures contract started the session on a positive note at 9,140 level. After recording an intra-day low at 9,129, the contract began to move upwards and breached its immediate resistance at 9,150 levels. Thereafter, witnessing buying interest, the contract extended its up move and recorded an intra-day high of 9,209 levels. It currently tests a key resistance in the band between 9,200 and 9,210.
The Nifty 50 index market breadth is biased towards advances. However, the selling pressure could emerge at current resistance zone and there could be a corrective decline if the contract fails to move beyond 9,210 decisively. Such a reversal can pull the index down to 9,175 and then to 9,150 levels.
Next key supports are placed at 9,130 and 9,110. On the other hand, if the contract emphatically moves beyond 9,210, it can extend its up move to 9,230 and 9,250 levels in the near term. Traders with a short-term view should tread with caution at this juncture. Fresh long positions are recommended with a fixed stop-loss only if the contract moves beyond 9,210 levels.
Strategy : Tests a key resistance zone. Desist trading as long as the contract tests the resistance.
Supports : 9,175 and 9,150
Resistances : 9,210 and 9,230
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