Nifty 50 April Futures (9,221)

The Nifty 50 futures contract is continuing to trade on a mixed note.

Though the contract bounced back from the day's low of 9,202, it is not gaining strength to rise further higher.

The contract has reversed lower again from the day's high of 9,248. A range bound move between 9,200 and 9,250 can be seen for some time. A breakout on either side of this range will then decide the next leg of move.

A strong break below 9,200 can take the index futures lower to 9,165 or 9,135. On the other hand, if the contract gains momentum and breaches above 9,250, a rise to 9,280 and 9,300 is possible.

Traders with high risk appetite can go short on a fall below 9,200. Stop-loss can be kept at 9,215 for the target of 9,170.

Strategy: Go short on a fall below 9,200 with a stop-loss at 9,215

Supports: 9,200, 9,165

Resistances: 9,250, 9,280