Comments
Nifty 50 March Futures (8,660)
After marginally opening the negative territory and the initial choppiness, the Nifty and the Sensex began to trend upwards on the back of buying interest. The Asian markets are trading in the positive territory, the Hang Seng index has advanced 3.8 per cent to 22,551 levels and Shanghai Shenzhen CSI 300 Index has gained 1.8 per cent to 3,653 levels. The Sensex and the Nifty have gained more than five per cent each. The market breadth of the Nifty is biased towards advances. On the other hand, the India VIX has slumped 4.7 per cent to 68.7 levels. The buying interest is also seen in the Nifty mid and small-cap indices which has surged 5 per cent and 3.5 per cent respectively. The Nifty IT index is the top gainer that has sky rocketed 10.5 per cent. Nifty FMCG and Pharma have surged 7 per cent and 5.6 per cent respectively on the back of buying interest.
The Nifty futures contract for March commenced the session with a marginal gap up open at 8,234 levels. After marking an intra-day low at 8,130 levels the contract started to trend upwards triggered by short-covering ahead of the weekend and also buying interest. The contract breached key resistances at 8,400 and 8,500 levels. It has registered an intra-day high at 8,696 levels. Make use of intra-day dips to buy the contract while maintaining a stop-loss at 8,500 levels. A decisive break above 8,700 can take the contract higher to 8,750 and then to 8,800. Subsequent resistances are at 8,850 and 8,900 levels. While the supports below 8,500 are at 8,400 and 8,350 levels.
Strategy : Buy in dips with a fixed stop-loss at 8,500 levels
Supports: 8,500 and 8,400
Resistances: 8,700 and 8,750
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.