Technical Analysis

Nifty call: Buy on dips, with stop-loss at 11,740 levels

Yoganand D | Updated on April 01, 2019 Published on April 01, 2019

Nifty 50 April futures (11,783)

Taking cues from the Asian markets, the Sensex and Nifty began the session with a gap-up opening. The Nikkei 225 index has advanced 1.4 per cent to 21,509 and the Hang Seng index has gained 1.7 per cent to 29,538 levels in today's session.

The domestic key benchmark indices continue to hover in positive territory. The market breadth of the Nifty index is biased towards advances. Buying interest is seen in the Nifty mid- and small-cap segments, which have surged 1 per cent and 1.5 per cent respectively.

The Nifty April month contract commenced the session with a gap-up opening at 11,719. After marking an intra-day low at 11,708, the contract continued to trend up, breaching a key resistance at 11,750 levels. The contract has marked an intra-day high at 11,789.

The near-term outlook for the contract is bullish. Traders can make use of intra-day dips to buy the contract, while maintaining a stop-loss at 11,740 levels. A strong rally above 11,800 can take the contract higher to 11,825 and further to 11,850 levels. On the other hand, a decisive fall below 11,700 can bring back selling pressure, and can drag the contract down to 11,675 and then to 11,650 levels.

Strategy: Make use of intra-day dips to buy the contract, with stop-loss at 11,740 levels

Supports: 11,750 and 11,725

Resistances: 11,800 and 11,825

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