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Nifty 50 April Futures (11,605)
Both the Sensex and the Nifty started the session on a positive note despite mixed global cues. Subsequently, the key benchmark indices began to move sideways with a positive bias. The market breadth of the Nifty index is biased towards advances. On the other hand, the India VIX has slumped 3 per cent to 23.84 levels. Among the sectoral indices, the Nifty Auto and FMGC are witnessing selling pressure and have declined 1.2 per cent and 0.6 per cent respectively. But, the Nifty IT and Energy have surged 0.75 per cent each on the back of buying interest.
The Nifty April month futures contract began the day in a positive note, opened at 11,602 levels. The contract started the witness choppiness after recording an intra-day high at 11,619. It has marked an intra-day low at 11,579 and continues to trade range-bound. Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 11,580. A strong rally above the immediate resistance level of 11,620 can take the contract higher to 11,640 and 11,655 levels. A further rally above 11,655 could test the next resistance at 11,675 levels. On the downside, a conclusive fall below 11,580 can drag the contract down to 11,550 and 11,530 levels. In that case, desist taking fresh long positions.
Strategy: Buy in dips with a fixed stop-loss at 11,580 levels
Supports: 11,585 and 11,550
Resistances : 11,620 and 11,640
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