Amid mixed Asian markets the Sensex and the Nifty 50 commenced the session with a gap-up open and continued to trend upwards. The Nikkei 225 is up by 0.55 per cent to 29,518 whereas the Hang Seng index is marginally down by 0.25 per cent to 28,538 levels. The Sensex and the Nifty 50 have climbed 0.8 per cent and 0.9 per cent respectively. The market breadth of the Nifty 50 is biased towards advances. The India VIX - volatility index has declined 2.3 per cent to 20.3 levels implying decrease in volatility. Both the Nifty mid and small cap indices have also advanced 1 per cent and 1.6 per cent respectively. Barring the Nifty IT index which is down by 0.35 per cent all the other sectoral indices are featuring in the positive territory. The top gainers are Nifty pharma and metal that has jumped 3.2 per cent and 2.7 per cent correspondingly.

The Nifty May month contract began the session with a gap-up at 14,968 levels against the previous close at 14,869. After marking an intraday low at 14,939 the contract continued to trend upwards. It now tests resistance at 15,000. A strong rally above 15,015 can strengthen the up-move and take the contract higher to 15,050 and then to 15,075 levels. Next resistance is at 15,100. But if the contract declines below the immediate support level at 14,950 it can bring back selling interest and pull the contract down to 14,930 and then to 14,900 levels. Subsequent supports are at 14,870 and 14,850 levels.

Strategy: Buy on dips with a fixed stop-loss at 14,950 levels

Supports: 14,950 and 14,930

Resistances: 15,015 and 15,050

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