Nifty 50 April Futures (9,204)

The Nifty 50 futures contract is trading weak. It opened with a slight gap-down at 9,251 and fell sharply after making an intra-day high of 9,262.

Though the contract has managed to bounce back from the day's low of 9,170, it is not showing strength. It is currently hovering around 9,200 and is more likely to reverse lower again. A fall to 9,165 looks likely.

Short-term traders with high risk appetite can go short with a tight stop-loss at 9,215 for the target of 9,170. Revise the stop-loss lower to 9,185 as soon as the contract moves down to 9,175.

On the other hand, if the contract manages to sustain above 9,200 and gains strength, it can rise to 9,230 or 9,240. A strong break above 9,240 will ease the downside pressure and take the contract higher to 9,270-9,285 levels once again.

Strategy: Go short with a stop-loss at 9,215

Supports: 9,165, 9,145

Resistances: 9,240, 9,270