Nifty 50 April futures (11,706)
Following a gap-up opening and an initial rally, the Sensex and the Nifty began to witness selling pressure at higher levels. Both the benchmark indices have given up their initial gains and are trading almost flat.
The market breadth of the Nifty index is biased towards advances. On the other hand, the India VIX, the volatility index has declined 0.83 per cent to 18.49 levels. Buying interest is seen in the Nifty mid- and small-cap segments and the indices have advanced about 0.6 per cent each.
The Nifty April month contract began the session with a gap-up opening at 11,700. After marking an intra-day high at 11,740, the contract began to decline, experiencing selling pressure at higher levels. It has recorded an intra-day low at 11,680 levels. The near-term stance remains positive as long as the contract trades above 11,680 levels.
Traders can hold the long positions with a stop-loss at 11,675 levels. The contract can re-test resistances at 11,725 and 11,740 levels. A strong rally above 11,740 can take the contract higher to 11,750 and 11,775 levels. On the downside, a decisive fall below 11,680 can drag the contract down to 11,650 and then to 11625 levels.
Strategy: Make use of dips to buy the contract with a fixed stop-loss at 11,675 levels.
Supports: 11,680 and 11,650
Resistances: 11,725 and 11,740
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.