Nifty 50 April Futures (11,812)
The Sensex and the Nifty commenced the session with a gap-up open and continue to trend upwards witnessing buying interest in banking stocks. The Nifty Bank index has gained almost 1 per cent in today's session lead by private banks.
The Nifty FMCG and Auto indices also experience buying interest and have surged 0.7 per cent each. The market breadth of the Nifty index is biased towards advances.
The Nifty April month contract began the session with a gap-up open at 11,758 and has been trending upwards. The contract breached a key resistance at 11,800 are marked an intra-day high at 11,823. The near-term outlook is bullish.
Traders with a near-term perspective can buy the contract in dips with a fixed stop-loss at 11,760 levels. The contract can trend upwards on a strong rally above the immediate resistance level of 11,824.
Next key resistances are at 11,850 and 11,875 levels. On the downside, a decisive fall below the key support band between 11,750 and 11,760 will bring selling pressure and drag the contract down to 11,730 and then to 11,700 levels.
Strategy : Near-term outlook is bullish. Buy in dips with a fixed stop-loss at 11,760 levels
Supports : 11,760 and 11,730
Resistances : 11,824 and 11,850
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