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Nifty 50 April Futures (11,676)
Taking positive cues from the global markets, the Sensex and the Nifty started the session in green with a gap-up open. But, witnessing selling pressure and profit booking at higher levels, the key benchmark indices began the decline thereafter and continued to trade in a sideways range.
The Nikkei 225 has advanced 0.8 per cent to 21,205 and Hang Seng index has climbed 0.88 per cent to 29,029 levels.
The market breadth of the Nifty index is biased towards advances. The Nifty mid-cap index has surged over 1 per cent but the large cap indices the Nifty 100 and Nifty 200 have advanced 0.4 per cent each.
The Nifty April month contract started the session with a gap-up open at 11,689. After recording an intra-day high at 11,718 the contract began to decline and has marked an intra-day low at 11,641.
As long as the contract trade above the key support at 11,650 the near-term view will remain positive. A strong rally above the immediate resistance at 11,685 can take the contract higher to 11,700 and then to 11,720 levels. On the other hand, a decisive fall below 11,650 can drag the contract down to 11,625 and 11,600 levels.
Strategy: Go long only on a strong rally above 11,685 levels with a fixed stop-loss
Supports: 11,650 and 11,625
Resistances: 11,685 and 11,700
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