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Nifty 50 April futures (9,034)
Taking negative cues from the weak Asian markets, the Sensex and Nifty began the session with a gap-down open. The Nikkei 225 index is down by 1.3 per cent at 19,290, and the Hang Seng index has slipped 0.7 per cent to 23,974 levels in today's session.
After spending the initial hours in negative territory, the Sensex and Nifty have entered positive territory and gained 0.9 per cent and 1 per cent, respectively. Both the indices are testing vital resistances at current levels. The market breadth of the Nifty index is biased towards advances. The India VIX has tumbled 5 per cent to 47 levels. Both the Nifty mid and smallcap indices have gained 1.6 per cent and 1.8 per cent respectively.
After a positive open at 8,947 levels, the Nifty April month futures contract began to decline and recorded an intra-day low at 8,835 levels. However, the contract bounced up from the intra-day low and breached a key resistance at 9,000. It has registered an intra-day high at 9,067 levels. The near-term stance will remain positive as long as the contract trades above 9,000 levels. Traders can make use of intra-day dips to buy the contract, while maintaining stop-loss at 8,990 levels. A decisive rally above the 9,100 level can push the contract to 9,150 and 9,200 levels. Key supports below 9,000 are at 8,950 and 8,900 levels.
Strategy: Buy on dips, with stop-loss at 8,990 levels
Supports: 9,000 and 8,950
Resistances: 9,100 and 9,150
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