Nifty 50 May Futures (11,930)
The Sensex and the Nifty started the day on a negative note and immediately entered the positive territory. Both the benchmark indices continued to trend upwards thereafter.
The market breadth of the Nifty index is biased towards advances. The India VIX has declined 1.3 per cent to 16.25 levels. The Nifty mid and small-cap indices have gained more than 1.2 per cent each.
The Nifty May month contract began the session in a negative territory at 11,858. After marking an intra-day low at 11,833 the contract started to trend upwards subsequently. The contract breached a key resistance at 11,900 and marked an intra-day high at 11,960 levels.
As long as the contract trades above 11,900 the near-term stance remains bullish. Traders can make use of dips to buy the contract while maintaining a fixed stop-loss at 11,890 levels. The contract can test resistance at 11,950.
A further rally above 11,950 can take the contract higher to 11,975 and 12,000 levels. Key supports below 11,900 are placed at 11,870 and 11,830 levels.
Strategy: Buy in declines with a fixed stop-loss at 11,890 levels
Supports: 11,900 and 11,870
Resistances: 11,950 and 11,975
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.