The Sensex and the Nifty began the session on Friday on a flat note despite positive Asian markets. The Nikkei 225 has gained 2.3 per cent to 28,084 levels, Hang Seng index has advanced 1.1 per cent to 28,022 and CSI 300 index surged 2.3 per cent to 5,110 levels in today’s sessions. After a flat opening, the Sensex and the Nifty 50 continue to move sideways in a narrow band. The market breadth of the Nifty 50 is biased towards declines. The India VIX was hovering flat at around 20.1 levels. Both the Nifty mid- and small-cap indices have declined almost 1.2 per cent each. Among the sectoral indices, only FMCG index is featuring in the positive territory, gaining 1.8 per cent in today’s session. The top losers are Nifty metal and realty indices that have fallen 3 per cent and 2.8 per cent respectively.

Also read: Nifty 50 May Futures (14,781) - May 12

The Nifty May month contract started the session on a flat note, opening at 14,710. After marking an intraday high at 14,749 the contract began to decline and slipped below the key base level of 14,640. The contract recorded an intraday low at 14,620 and took support at this level before staging a recovery. The key resistance at 14,700 is limiting the rally. Traders should tread with caution as index futures are choppy and range-bound between 14,640 and 14,740. A rally above 14,700 can take the contract higher to 14,720 and then to 14,740 levels. But to bring back bullish momentum, the contract needs to rally above 14,740 levels. Next resistances are at 14,780 and 14,800 levels. Key supports below 14,640 are placed at 14,620 and 14,600 levels.

Strategy: The contract is volatile and range-bound. Desist trading for the session

Supports: 14,640 and 14,620

Resistances: 14,740 and 14,780

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