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Nifty 50 May Futures (11,270)
The Sensex and the Nifty began the session on a flat note and turned volatile. Both the indices remain choppy, moving between positive and negative territories. The market breadth of the Nifty index is biased towards declines.
The India VIX, a volatility measurement index, has gained 2.8 per cent and moved to 27. The Nifty mid- and small-cap indices have slumped 1.4 per cent and 1.6 per cent, respectively.
The Nifty May-month contract began the session with a gap-down opening, at 11,270. After recording an intra-day high at 11,328, the contract started to decline. It breached the key support at 11,300 and recorded an intra-day low of 11,255.
A strong fall below the immediate support at 11,255 will drag the contract down to 11,230 and 11,200 levels.
Traders can consider initiating fresh short positions on a fall below 11,255 levels, with a fixed stop-loss. On the other hand, a strong rally above the key resistance at 11,300 can witness a corrective rally to 11,330 levels. Key resistances above 11,330 are at 11,350 and 11,375 levels.
Strategy: Initiate fresh short positions on a strong fall below 11,255 levels, with a fixed stop-loss.
Supports: 11,255 and 11,230
Resistances : 11,300 and 11,330
BL Research Bureau
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