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BL Research Bureau
Nifty 50 March Futures (9,200)
The Indian benchmarks are trading positively today, despite mixed cues from the Asian markets. The Nifty spot and the Sensex spot indices are up by one per cent each so far. Among the major Asian indices, the Nikkei has closed marginally higher whereas the Shanghai composite closed with a loss of 0.3 per cent. On the other hand, the Hang Seng is up by nearly 0.5 per cent.
The advance-decline ratio of the Nifty 50 index is indicating a bullish bias as 35 out of the 50 stock in the index are in the green. Among the sectoral indices, the Nifty pharma index is the leader, up by 4 per cent while the Nifty media index is the worst performer, down by 3.5 per cent today. Notably, the volatility remains at the elevated levels. India VIX – the volatility index, has gone up by a little over 3 per cent to 60.75 levels.
Today, the March futures contract of the Nifty index opened higher at 9,224 compared to yesterday’s close of 9,118. The contract declined in the initial minutes of trade and registered an intraday low of 8,962. But it then rallied and marked an intraday high of 9,357 and has now moderated to 9,200 levels. The intraday price action has formed a higher low, and until the contract manages to stay above 9,100, the likelihood for further gains is more. So, traders can buy the contract with stop-loss at 9,100.
Strategy : Initiate long position with stop-loss at 9,100
Supports: 9,100 and 9,060
Resistances : 9,350 and 9,400
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