Technical Analysis

Nifty Call: Sell with fixed stop loss at 11,910 levels

Yoganand D, BL Research Bureau | Updated on May 28, 2019 Published on May 28, 2019

Nifty 50 May Futures (11,890)

Taking cues from the slightly positive Asian markets, the Sensex and the Nifty started the session in green. The Nikkei 225 has climbed 0.4 per cent to 21,260 and Hang Seng index advanced 0.3 per cent to 27,365 in today's session.

After an initial rally, the domestic benchmark indices began the decline and entered the negative territory. The indices have slipped 0.2 per cent. The market breadth of the Nifty index is marginally biased towards declines. The India VIX is flat and poised at 16.18 levels.

The Nifty futures contract started the session with a gap-up open at 11,959 and started to decline marking this level as intra-day high. The contract breached the key supports at 11,920 and 11,900.

The near-term view is bearish for the contract. Traders can make use of intra-day rallies to sell the contract while maintaining a fixed stop-loss at 11,910 levels.

A decisive fall below the immediate support at 11,875 can drag the contract down to 11,850 and then to 11,825 levels. Subsequent key support is at 11,800. On the upside, the contract needs to conclusively break above the key immediate resistance at 11,920 for an up-move to 11,950 and 11970 levels.

Strategy: Sell in rallies with a fixed stop-loss at 11,910 levels

Supports: 11,875 and 11,850

Resistances: 11,920 and 11,950

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