Technical Analysis

Nifty Call: Go long with a stop-loss at 11,050 levels

Yoganand D, BL Research Bureau | Updated on March 06, 2019 Published on March 06, 2019

Nifty 50 March Futures (11,080)

Amid mixed global cues, the domestic equity indices - the Sensex and the Nifty began the session on a positive note. Both the indices continue to trend upwards experiencing buying interest.

The Nikkei 225 has declined 129 points or 0.6 per cent to 21,596 while Hang Seng index has marginally advanced 64 points or 0.2 per cent to 29,025 levels in today's session.

The market breadth of the Nifty index is biased towards advance. The India VIX has slipped 0.5 per cent to 15.57 levels. Buying interest is seen in mid- and smallcap indices as well.

The Nifty March month contract began the session with a gap-up opening at 11,053. After an initial dip to the intra-day low of 11,033 the contract resumed its up-move. The near-term outlook is bullish for the contract.

Traders can make use of intra-day dips to buy the contract while retaining a fixed stop-loss at 11,050 levels. A decisive break above the key resistance level of 11,100 will strengthen the up-move and take it higher to 11,125 and 11,150 levels. Significant supports below 11,050 are placed at 11,030 and 11,000.

Strategy: Make use of intra-day dips to go long with a stop-loss at 11,050 levels

Supports: 11,050 and 11,030

Resistances: 11,100 and 11,125

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