Nifty Call: Buy on dips with stop-loss at 15,140

Yoganand D | Updated on March 03, 2021

Nifty 50 March Futures (15,185) Tracking the positive Asian markets, the Sensex and the Nifty 50 started the session with a gap-up open and continued to trend upwards. The Nikkei 225 index has advanced 0.5 per cent to 29,559 and Hang Seng index has jumped 2.5 per cent to 29,836 levels in today's session. Both the Sensex and Nifty 50 have advanced more than 1.25 per cent each so far. The market breadth of the Nifty 50 is biased towards advances.

On the other hand, the India VIX has tumbled 5.3 per cent to 22.3 levels indicating decrease in volatility. The Nifty mid and small-cap indices have surged 1.4 per cent and 1.3 per cent respectively. Apart from Nifty Auto index which is marginally down by 0.48 per cent, all the other sectoral indices are featuring in the positive territory. The top sectoral gainers are Nifty metal and PSU Bank indices that have gained 3.2 per cent and 3.3 per cent respectively.

The Nifty March month contract started the session with a gap-up open at 15,062 and extended the up-move. It has surpassed a key resistance at 15,100 and tests next vital hurdle at 15,200. A strong rally above this barrier is needed to strengthen the up-move and take the contract northwards to 15,225 and then to 15,250 levels.

Key resistances above 15,250 are placed at 15,280 and 15,300 levels. Key supports at 15,150 and 15,120 can provide base on the corrective declines. Traders can make use of intraday dips to buy the contract with a stop-loss at 15,140 levels. A decisive fall below 15,100 can bring some selling interest and drag the contract down to 15,060 and then to 15,030 levels.

Strategy: Buy on dips with a stop-loss at 15,140 levels

Supports: 15,150 and 15,120

Resistances: 15,200 and 15,225

Published on March 03, 2021

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