Nifty Call: Traders can go long above 14,520 with fixed stop-loss

Yoganand D | Updated on April 26, 2021

Nearest support is at 14,480

Nifty 50 April Futures (14,485) The Sensex and Nifty 50 started the week on a positive note, with a gap-up open despite mixed cues from the Asian markets. The Nikkei 225 has gained 0.36 per cent to 29,126 while the Hang Seng index has fallen 0.4 per cent to 28,962 levels in today's session. Both the Sensex and the Nifty 50 continues to trade in the positive territory and have gained 1.25 per cent and 1.2 per cent respectively. The market breadth of the Nifty 50 is biased towards advances.

The India VIX has climbed 3 per cent to 23.3 levels indicating increase in volatility. The Nifty mid and small-cap indices have advanced 0.9 per cent and 1.2 per cent correspondingly. Apart from the Nifty Pharma sectoral index, which has fallen 0.6 per cent, all the other sectoral indices are featuring in the positive territory. The top gainers are Nifty realty and metal that has advanced 2.6 per cent and 2.45 per cent respectively.

The Nifty April month contract commenced the session with a gap-up open at 14,442 against the previous close of 14,338. The contract recorded an intra-day low at 14,423 and continued to trend upwards. It has recorded an intraday high at 14,552. The contract tests resistance at 14,550 on the upside which is limiting the rally. A strong rally above this level can take the contract higher to 14,575 and 14,600 levels. Next resistances are placed at 14,620 and 14,650 levels.

On the downside, if the contract declines below the immediate support level of 14,440 selling pressure will be witnessed and the contract can decline to 14,400 and then to 14,370 levels. Subsequent supports are at 14,350 and 14,330 levels. Immediate resistance at 14,520, a rally above this level can take the contract higher to 14,550 levels. Nearest support is at 14,480.

Strategy: High-risk appetite traders can go long above 14,520 with a fixed stop-loss

Supports: 14,480 and 14,440

Resistances: 14,550 and 14,575

Published on April 26, 2021

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