Nifty 50 April Futures (14,585)
Despite most of the major Asian markets giving a bearish clue, the Indian benchmark indices began today’s session marginally positive and have gained since then. The Nifty 50 and Sensex are up by nearly 0.7 per cent so far. In Asia, major indices like the Nikkei 225 and ASX 200 lost 0.3 and 0.2 per cent, whereas the Hang Seng has gained 0.25 per cent.
The market breadth of the Nifty 50 index shows a bullish bias as 38 out of the 50 stocks in the index are trading in the green. There has not been much change with respect to volatility as India VIX – the volatility index remains near the same level of yesterday’s close i.e., around 23.30. The mid and small-cap indices too are in the green like the benchmarks. They have gained between 0.8 and 1.65 per cent and all the sectoral indices are up today. The Nifty metal and Nifty PSU bank index are the top gainers, up by 1.9 and 1.7 per cent, respectively.
Futures: Like the underlying Nifty 50, the April futures contract of the index opened marginally higher at 14,500 versus yesterday’s close of 14,486. The contract has been gaining since the beginning of the session and is now hovering around 14,585. Thus, it has comfortably rallied past the important level of 14,500 and the bullish trend is likely to continue for the day. Given the prevailing conditions, traders can be positive and initiate fresh long positions on intraday dips with stop-loss at 14,530. On the upside, the futures is likely to cross 14,600 and touch 14,670. A breach of this level can take the contract to 14,700. Nearest supports from the current levels are at 14,530 and 14,500.
Strategy: Buy the contract with stop-loss at 14,530
Supports: 14,530 and 14,500
Resistances: 14,670 and 14,700
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.