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Nifty 50 May Futures (11,795)
The Sensex and Nifty began the session on a flat note and started to rally. Both the indices continue to hover in positive territory, with an upward bias.
The Nifty Bank and Realty indices have gained 1 per cent and 1.5 per cent, respectively, on the back of buying interest. But, the Nifty IT index has slumped 1.6 per cent. The market breadth of the Nifty index is biased towards advances.
The Nifty futures contract started the session in negative territory, but immediately entered positive territory and continues to trade in the green. The contract has marked an intra-day high at Rs 11,809. Traders can make use of intra-day dips to buy the contract, while maintaining a fixed stop-loss at 11,770. The contract has a key support at 11,775.
A decisive rally above 11,810 can take the contract higher to 11,825 and then to 11,840 levels. The next key resistances are at 11,860 and 11,875 levels.
On the downside, a strong decline below the immediate support level of 11,775 can pull the contract down to 11,750 levels. A further decline below 11,750 will bring back selling pressure and drag the contract lower to 11,725 and 11,700 levels.
Strategy: Buy on declines with a fixed stop-loss at 11,770 levels
Supports: 11,775 and 11,750
Resistances: 11,810 and 11,825
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