Technical Analysis

Nifty call: Near-term outlook positive above 10,860 levels, buy with fixed stop-loss

Yoganand D | Updated on March 01, 2019 Published on March 01, 2019

Nifty 50 March Futures (10,885)

The domestic market indices the Sensex and the Nifty began the session on a positive note, taking bullish cues from the Asian markets. The Nikkei 225 has gained 1 per cent to 21,602 levels and the Hang Seng index has advanced 0.5 per cent to 28,779 in today's session.

Both the Sensex and the Nifty continue to hover in positive territory, with marginal selling pressure at higher levels. The market breadth of the Nifty is biased towards advances.

The India VIX has slumped 8 per cent to 16.755 levels. The Nifty mid and small-cap indices have advanced 1 per cent and 2.2 per cent, respectively. The Nifty March month futures contract began the session with a gap-up open at 10,897 and marked an intra-day high at 10,921 levels. But, after witnessing selling pressure and profit-taking ahead of the weekend, the contract started to decline.

The contract has slipped below the key level of 10,900 and has recorded an intra-day low at 10,870 levels. The near-term outlook remains positive as long as the contract trades above 10,860 levels. An upward reversal from this base level can take the contract higher to 10,900 and then 10,920 levels.

The next key resistance is at 10,940. On the other hand, a decisive fall below 10,860 can drag the contract down to 10,830 and 10,800 levels.

Strategy: Near-term outlook stays positive above 10,860 levels, buy with a fixed stop-loss

Supports: 10,860 and 10,830

Resistances: 10,900 and 10,920

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