Comments
Nifty 50 March Futures (11,380)
The Sensex and the Nifty began the session marginally on a positive note. The Asian markets are displaying mixed trends; the Nikkei 225 has gained 2 per cent to 21,428 while the Hang Seng index has marginally declined by 0.3 per cent to 28,450 levels in today's session.
Both the Sensex and the Nifty are trading sideways. The market breadth of the Nifty index is biased towards advances. On the other hand, the volatility index, India VIX has slumped 3 per cent to 16.14 levels. The mid- and small-cap segment stocks have gained 0.8-0.95 per cent.
The Nifty March contract started the session on a flat note, opening at 11,370 levels. After initial rally, the contract marked an intra-day high at 11,412 and began the decline testing key resistance at 11,400.
Thereafter, the contract began to experience selling interest at higher levels and slipped to record an intra-day low at 11,363 levels. The contract is range-bound between 11,365 and 11,400. A strong rally above 11,400 will be a positive cue for initiating fresh long positions with a fixed stop-loss.
A decisive break above 11,400 can take the contract higher to 11,425 and then to 11,450 levels. Next key resistances are at 11,470 and 11,500. Conversely, a conclusive fall below the 11,365 can strengthen the down-move and drag the contract down to 11,330 and 11,300 levels in the near term.
Strategy: Go long only a strong rally above 11,400 levels with a fixed stop-loss
Supports: 11,365 and 11,330
Resistances: 11,400 and 11,425
Comments
COMMENT NOW
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.