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Nifty 50 May Futures (11,675)
The Sensex and the Nifty began the session in a positive note, with a gap-up open. The key benchmark indices continue to trade in the positive territory with an upward bias. Market breadth of the Nifty index is biased towards advances. Buying interest is seen in Nifty mid and small-cap indices as well. On the other hand, the India VIX has slumped 3.2 per cent to 25.58 levels. Among the sectoral indices, the Nifty metal and FMCG have gained 0.7 and 0.8 per cent respectively. The Nifty May month contract started the session with a gap-up open at 11,685 levels. After an initial decline, the contract recorded an intra-day low at 11,637 and began to trend upwards. Key support at 11,650 is providing base for the contract. As long as the contract trades above the key support level of 11,650 the near-term view remain positive. Traders can make use of dips to buy the contract while maintaining a stop-loss at 11,645 levels. A strong rally above the key resistance level of 11,700 can take the contract higher to 11,725 and 11,750 levels. Significant supports below 11,650 are placed at 11,625 and 11,600 levels.
Strategy: Buy in dips with a fixed stop-loss at 11,645 levels.
Supports: 11,650 and 11,625
Resistances: 11,700 and 11,725
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