Nifty call: Initiate short position with a stop-loss at 8,460 levels

Nifty May Futures (8,428)

The Nifty futures contract started the week on a negative note opening at 8,439 levels. It has been hovering in the negative territory by moving sideways between the intra-day low and high of 8,415 and 8,443 respectively. 

Rallies will encounter resistance at the previous close level of 8,452. Failure to surpass this resistance will be cue for traders to initiate short positions with a stop-loss at 8,460 levels. The contract can decline to its intra-day low of 8,415 and then to 8,400 levels. 

A decisive break through the key support at 8,400 can pull the contract further down to 8,380 and 8,350 levels.

Conversely, an emphatic rally above 8,452 is required to reinforce bullishness and take the contract higher to 8,475 and 8,500 levels.

Strategy: Initiate short position with a stop-loss at 8,460 levels.

Supports: 8,380, 8,350

Resistances: 8,452 and 8,475