Nifty 50 April futures (11,763)
The Sensex and the Nifty began the session on a marginally positive note, but remained choppy. Following a positive start, the Asian markets are trading on a flat note; the Nikkei 225 is hovering around 21,505 and the Hang Seng index is trading at 29,593 levels. The market breadth of the Nifty index is at break-even levels.
The India VIX (volatility index) has advanced 1.3 per cent to 18.24 levels. Both the mid- and small-cap indices are trading almost flat. The Nifty April month contract commenced the session with a positive opening at 11,768. After recording an intra-day low at 11,712, the contract resumed its up-move and marked an intra-day high at 11,777 levels.
The contract faces selling pressure at higher levels. It is range-bound between 11,725 and 11,775. A strong fall below the immediate key support at 11,725 can result in selling interest. In that case, traders with a short-term view can go short with a fixed stop-loss.
The contract can decline and test subsequent supports at 11,700 and 11,675 levels. Key supports are placed at 11,650 and 11,630. On the upside, a strong rally beyond 11,775 can take the contract higher to 11,800. Subsequent key resistances are at 11,825 and 11,850 levels.
Strategy: Go short on a strong fall below 11,725 levels, with a fixed stop-loss
Supports: 11,725 and 11,700
Resistances: 11,775 and 11,800
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.