Comments
Nifty 50 April Futures (9,046)
The Sensex and the Nifty commenced the session with a gap-up open amid mixed Asian markets. The Nikkei 225 is trading flat at 19,345 levels while Hang Seng index has gained 0.8 per cent to 24,174 levels. The US stock indices, the Dow Jones and S&P 500 had gained 3.4 per cent each in the previous session. So far, the domestic benchmark indices the Sensex and the Nifty have surged 3.5 per cent and 3.6 per cent respectively. The market breadth of the Nifty is biased towards advances. The India VIX has slumped 3 per cent to 50.6 levels. The Nifty mid and smallcap indices have advanced 3.5 per cent each. All the sectoral indices are trading in the positive territory; the Nifty Auto and Pharma are the top gainers that have jumped 8 per cent and 6.9 per cent correspondingly.
The Nifty April month contract started the session with a gap-up open at 8,910 levels. After marking an intra-day low at 8,891 the contract resumed the up-move and breached a key resistance at 9,000. The contract has recorded an intra-day high at 9,073 levels. The near-term view stays positive as long as the contract trades above 9,000 levels. Traders can buy in dips with a stop-loss at 8,980 levels. A decisive rally above 9,070 can test resistance at 9,100. Subsequent resistances are at 9,150 and 9,200 levels. On the other hand, a conclusive slump below 9,000 can bring back selling interest and pull the contract down to 8,950 and then to 8,900 levels.
Strategy: Buy in dips with a stop-loss at 8,980 levels
Supports: 9,000 and 8,950
Resistances: 9,070 and 9,100
BL Research Bureau
Comments
COMMENT NOW
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.