Nifty 50 April Futures (9,267)

The Nifty 50 futures contract is trading volatile. It opened at the day's high of 9,280 and fell immediately to make an intra-day low of 9,247.85.

However, the contract has bounced back from the low and is hovering just below the day's high. The outlook is bullish.

Immediate resistance is in the 9,275-9,280 zone which is likely to be broken. Such a break can take the index futures higher to 9,300 and 9,325.

Traders with high risk appetite can go long. Stop-loss can be placed at 9,245 for the target of 9,295. Revise the stop-loss higher to 9,275 as soon as the contract moves up to 9,285.

Key supports for the contract are at 9,250 and 9,240. The contract will come under pressure only if it breaks below 9,240. Such a break will increase the possibility of the contract falling to 9,200 levels once again.

Supports: 9,240, 9,200

Resistances: 9,280, 9,300