Nifty 50 May Futures (11,945)
The Sensex and the Nifty began the session in positive territory and continued to trend upwards in the May derivatives expiry day, triggered by short-covering and value buying.
The key benchmark indices have gained about 0.78 per cent. Market breadth of the Nifty index is biased towards advances. The India VIX has tumbled 4.9 per cent to 15.6 levels. The Nifty IT and Bank Nifty have advanced 0.78 per cent and 0.7 per cent respectively. Selling pressure is seen in Nifty Auto which has declined 0.5 per cent.
The Nifty May month contract started the session at 11,865. After marking an intra-day low at 11,856, the contract began to trend upwards due to short-covering. The contract breached a key resistance at 11,900 and recorded an intra-day high at 11,947.
Traders can make use of intra-day dips to buy the contract while maintaining a stop-loss at 11,895. A strong rally above 11,947 can take the contract higher to 11,960 and 11,975 levels.
Next key resistance is at 12,000. On the downside, a decisive fall below 11,900 can drag the contract down to 11,880 and 11,865 levels. Subsequent key supports are at 11,850 and 11,825 levels.
Strategy: Make use of dips to buy with a fixed stop-loss at 11,895 levels
Supports: 11,900 and 11,875
Resistances: 11,950 and 11,960
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.