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Tracking positive cues from the Asian markets, the Indian benchmark indices have been gaining today. The Nifty spot and the Sensex spot indices are up by one per cent each so far.
Among the Asian indices, the Nikkei is up by 1.3 per cent, whereas the Shanghai composite and the Hang Seng are trading higher by 0.25 per cent and 0.4 per cent respectively. The US benchmark indices closed with gains about 2 per cent in last session.
The market breadth of the Nifty 50 index is indicating bullish bias as the advance-decline ratio stands at 40-10. All mid-cap and the small-cap indices have gained as well. Consequently, all the sectoral indices have gained led by the Nifty media index, up by 3 per cent. This is followed by the Nifty metal index, up by 2.3 per cent. The volatility has come down today, as indicated by the volatility index – India VIX. It is down by nearly 8 per cent to 39.5 levels.
Following the positive sentiment, the April futures contract of the Nifty index opened marginally higher at 9,200 against Wednesday’s close of 9,188. The contract, which initially declined, made an intraday low of 9,158. But then it started to rally and has reclaimed the important level of 9,200 and as long as the contract stays above it, the intraday trend will be inclined to bulls. Hence, traders can initiate fresh long positions on rallies with stop-loss at 9,200.
Strategy: Initiate fresh longs with stop-loss at 9,200
Supports: 9,200 and 9,160
Resistances: 9,300 and 9,350
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