Technical Analysis

Nifty call: Near-term view is bullish; buy in dips with stop-loss at 11,255

Yoganand D | Updated on March 12, 2019 Published on March 12, 2019

Nifty 50 March Futures (11,298)

Taking cues from the positive global cues, the Sensex and the Nifty extended their gains in today's session. The Dow Jones had climbed 200 points or 0.8 per cent to 25,650 levels and S&P 500 index had advanced 40 points or 1.47 per cent to 2,783 levels last session. Tracking the US markets, the Asian markets also gained. The Nikkei 225 rose 1.8 per cent to 21,503 and Hang Seng index gained 1.3 per cent to 28,869 levels in today's session. Both the Sensex and the Nifty began the session with a gap-up open and continue to trade in the positive territory. The market breadth of the Nifty index is biased towards advances. Buying interest is also seen in mid and small-cap indices which have climbed 0.5 per cent and 0.9 per cent respectively. 

The Nifty March month contract began the session with a gap-up open at 11,256 levels. After recording an intra-day low at 11,252 the contract extended the rally and has marked an intra-day high at 11,328 levels. The near-term outlook is bullish for the contract. Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 11,255 levels. The contract can test resistances at 11,325 and 11,350 levels in the near term. Key supports below 11,255 are placed at 11,225 and 11,200 levels. Subsequent, supports below 11,200 are at 11,175 and 11,150 levels.

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