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Nifty 50 April Futures (11,767)
The Sensex and the Nifty started the session on a flat note amid mixed global cues. The Dow Jones fell marginally by 0.2 per cent to close at 26,597 last session. Among the Asian markets, although the Nikkei 225 index has gained 0.48 per cent to rise to 22,307, Hang Seng index has slipped 0.5 per cent to 29,660 in today's session showing mixed trends.
Both the Sensex and the Nifty have begun to decline from the intra-day highs witnessing profit-booking. The India VIX has declined almost 3 per cent to 23 levels. Buying interest is seen in Nifty small-cap index. However, the market breadth of the Nifty index is marginally biased towards declines.
The Nifty April month contract started the session with a gap-down open at 11,713. Subsequently, the contract began to trend upwards and recorded an intra-day high at 11,797 before witnessing a corrective decline.
The contract is range-bound between 11,750 and 11,775. A decisive fall below the lower band, can drag the contract down to 11,725 and then to 11,700. On the other hand, a strong rally above the immediate resistance level of 11,775 is needed to reinforce the bullish momentum and take the contract higher to 11,800 and then to 11,825 levels. Next key resistance is at 11,850.
Strategy: The contract is range-bound between 11,750 and 11,775. Tread with caution.
Supports: 11,750 and 11,725
Resistances: 11,775 and 11,800
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