Comments
Nifty 50 April futures (9,824)
Taking cues from the positive global markets, the Sensex and Nifty started the session with a gap-up open. The Nikkei 225 has gained 2 per cent to 20,193 in today's session. The US indices surged more than 2 per cent in the previous session.
Both the Sensex and Nifty have jumped 3 per cent so far in today's session. The market breadth of the Nifty index is biased towards advances. The India VIX has slipped 0.9 per cent to 33.5 levels. The Nifty mid and small-cap indices have advanced 2.4 per cent and 2 per cent respectively. The defence sectors, namely, Nifty Pharma and FMCG, have fallen 0.6 per cent and 0.3 per cent respectively. Other sectoral indices are hovering in positive territory and the top gainers are Nifty Auto (5.6 per cent) and Nifty Metal (4.7 per cent).
The Nifty April month contract commenced the session with a gap-up open at 9,705. After marking an intra-day low at 9,693 levels, the contract decisively breached key resistance at 9,700, which has turned into a vital base now. The contract has recorded an intra-day high at 9,877 levels. The near-term outlook stays positive as long as the contract trades above the key support level of 9,700. Traders can buy on declines, with a fixed stop-loss at 9,770 levels. Immediate supports are at 9,800 and 9,775 levels. Subsequent supports below 9,775 are at 9,750 and 9,720 levels. Key resistances above 9,850 are at 9,877 and 9,900 levels.
Strategy: Buy on dips while maintaining a fixed stop-loss at 9,770 levels.
Supports: 9,800 and 9,775
Resistances: 9,850 and 9,875
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.