Stocks

Nifty Call: Go long above 14,860 with fixed stop-loss

Yoganand D | Updated on April 30, 2021

Key supports below 14,800 are at 14,770 and 14,750 levels.

Nifty 50 May Futures (14,810) Tracking the weak Asian markets, the Sensex and Nifty 50 began the session with a gap-down open. The Nikkei 225 has declined 0.8 per cent to 28,812 and Hang Seng index has slumped 1.8 per cent to 28,766 in today's session.

The Sensex and Nifty 50 are down by 0.75 per cent and 0.6 per cent, respectively. The market breadth is turning positive and marginally biased towards advances. India VIX has declined 2.3 per cent to 22.7 levels. Both the Nifty mid and small-cap indices have advanced 0.5 per cent each. Among the sectoral indices, the Nifty pharma is the top gainer with 1.1 per cent followed by Nifty PSU Bank, up by 0.8 per cent. Selling interest is witnessed in the Nifty financial service and Nifty PVT Bank which has fallen 1.6 per cent and 1 per cent respectively.

The Nifty May month contract started the session with a gap-down open at 14,802 against the previous close at 14,932. After recording an intraday low at 14,755 the contract recovered and has moved above the key level of 14,800 levels which will be a key support. On the upside, it has resistance at 14,860 that had limited the intra-day rallies. Traders can go long above 14,860 levels with a fixed stop-loss. A strong rally above 14,860 can take the contract northwards to 14,880 and then to 14,900 levels. Next resistances are at 14,930 and 14,950 levels. Key supports below 14,800 are at 14,770 and 14,750 levels.

Strategy: Traders can consider fresh long positions above 14,860 levels with a fixed stop-loss

Supports: 14,800 and 14,770

Resistances: 14,850 and 14,875

Published on April 30, 2021

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