Comments
Nifty 50 April Futures (11,655)
The Sensex and the Nifty started the session on a negative note with a gap-down opening and continues to trend downwards. Both the indices are witnessing selling pressure and profit booking at higher levels. The Sensex has slumped 0.8 per cent and the Nifty has declined 0.9 per cent in today's session. The market breadth of the Nifty index is biased towards declines. The India VIX which measures the expected market volatility has jumped 5.8 per cent to 24.05 levels. The selling pressure is experienced in Nifty Mid and Small-cap stocks as well.
The Nifty April month futures contract began the session with a gap-down opening at 11,716. After an initial rally to 11,749 the contract began to decline again. While trending down, the contract has decisively breached key support at 11,700 and has recorded an intra-day low at 11,645. The near-term outlook will remain bearish as long as the contract trades below 11,700 levels. Traders can make use of intra-day rallies to sell the contract with a stop-loss at 11,710 levels. The contract can test supports at 11,650 and 11,625 levels. A strong fall below 11,625 can drag the contract down to 11,600. Key resistances above 11,700 are placed at 11,725 and 11,750.
Strategy: Go short in intra-day rallies with a stop-loss at 11,710 levels.
Supports: 11,650 and 11,625
Resistances: 11,700 and 11,725
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.