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Nifty 50 April Futures (11,643)
After a positive start the Sensex and the Nifty began to decline and subsequently turned volatile. The Asian market are almost flat, the Nikkei 225 index is up marginally by 0.2 per cent to 22,259 while the Hang Seng index has declined 0.14 per cent to 29,922 levels in today's session. The domestic key indices the Sensex and the Nifty are witnessing selling pressure at higher levels. However, the market breadth of the Nifty index is slightly biased towards advances. The India VIX has gained 2.8 per cent to 24.74 levels.
The Nifty futures contract commenced the session with a minor gap-up open at 11,631 levels. After marking an intra-day high at 11,652, the contract started to decline and has recorded an intra-day low at 11,592 levels. Once gain the contract is trending up after taking support at 11,625 levels. The near-term bias will be positive as long as the contract trades above 11,625 levels. Traders with a near-term view can buy with a stop-loss at 11,615 levels. A decisive rally above the immediate resistance level of 11,655 can take the contract higher to 11,675 and then to 11,800 levels. Key supports below 11,600 are placed at 11,575 and 11,550 levels.
Strategy: Buy in dips while maintaining a fixed stop-loss at 11,615 levels
Supports: 11,625 and 11,600
Resistances: 11,655 and 11,675
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