Nifty 50 April Futures (10,391)

Asian equity markets traded on a mixed note despite the strong rally in US stocks in the previous session, as trade-war concerns linger.

The Nikkei 225 slipped 0.5 per cent to 21,687, while the Hang Seng index advanced 0.64 per cent to 30,926 levels in today's session.

Following a flat opening, domestic benchmark indices, the Nifty and the Sensex, have been range-bound. While the Sensex continues to hover between positive and negative territory, the Nifty index is down by 0.17 per cent.

Market breadth of the Nifty index is biased towards declines. Nifty April month futures opened on a negative note at 10,416.

However, after an initial up-move to an intra-day high of 10,440, the contract began to decline experiencing selling pressure. The contract breached the key support at 10,400 and marked an intra-day low at 10,363.

The contract is down 0.3 per cent, but tests a key resistance at 10,400. A decisive rally above this level can witness a corrective rally and take the contract higher to 10,425 and 10,440 levels in the near term.

Traders with a high-risk appetite can go long on a rally above 10,400 with a fixed stop-loss at 10,385 levels. Key supports are at 10,375 and 10,360 levels. Next resistances beyond 10,440 are at 10,460 and 10,475 levels. Supports below 10,360 are at 10,350 and 10,330 levels.

Strategy : Traders with a high-risk appetite can go long on a rally above 10,400 levels with a fixed stop-loss at 10,385.

Supports : 10,375 and 10,360

Resistances : 10,400 and 10,425

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