Comments
Nifty 50 May Futures (9,334) Taking positive cues from the Asian markets, the Nifty futures contract started the session in the green at 9,342 levels. Subsequently, the contract trended higher and registered a new high of 9,366 levels. But after witnessing selling pressure and profit taking, the contract started to decline and marked an intra-day low of 9,315 levels. The underlying Nifty 50 index is also experiencing selling pressure and has slipped to test support at 9,300 levels.
The market breadth of the Nifty index is even. A further fall below 9,300 levels can strengthen the bearish momentum and pull the index down. In that case, the Nifty futures contract can continue its down-trend and test support at 9,300. Traders with a short-term perspective can consider selling the contract with a stop-loss at 9,450 levels. A fall below the immediate support of 9,320 can pull the contract down to 9,300. Strong downward break of 9,300 level can reinforce the bearish momentum and drag the contract down to 9,280 and then to 9,260 levels. Conversely, if the contract decisively moves above 9,350, it can trend upwards to 9,375 and 9,400 levels.
Strategy: Use intra-day rallies to initiate fresh short positions with tight stop-loss at 9,345
Supports: 9,320 and 9,300
Resistances: 9,350 and 9,370
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.