Nifty 50 April Futures (14,845) Both the Sensex and Nifty 50 started the session with a gap-up open and continued to trend upwards. The Asian markets are hovering marginally in the positive territory, the Nikkei 225 index is up by 0.2 per cent to 29,053; and Hang Seng index is also up by 0.3 per cent to 29,039 levels in today's session.

The Sensex and the Nifty 50 have advanced 1.5 and 1.3 per cent, respectively. The market breadth (advance/decline ratio) is biased towards advances. There is decrease in volatility as the India VIX has fallen 1.5 per cent to 22 levels. Buying interest is seen in the Nifty mid and small-cap indices as well and they have advanced 1 per cent and 0.8 per cent, respectively. The Nifty metal and pharma are the two sectoral indices that are hovering in the negative territory that have fallen 0.8 per cent and 0.18 per cent correspondingly. Top gainers are Nifty auto and Nifty financial service indices which have jumped 2.45 per cent each.

The April month index futures contract began the session with a gap-up open at 14,702. After marking an intraday low at 14,685 the contract continued to trend upwards and has surpassed a key resistance at 14,800 levels. As long as the contract trades above 14,800 the near term stance remains positive. Traders can buy on dips with a stop-loss at 14,790 levels. A strong rally above 14,850 can take the contract higher to 14,870 and then to 14,900 levels. Key supports below 14,800 are placed at 14,750 and 14,730 levels.

Strategy: Buy on dips with a fixed stop-loss at 14,790 levels

Supports: 14,800 and 14,750

Resistances: 14,850 and 14,870

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