Comments
Nifty 50 March Futures (7,925)
The equity markets across the globe are witnessing buying interests; the US benchmark indices rallied sharply yesterday and posted neraly 10 per cent gain. Following this, the Asian markets have been rallying since morning. As a result, the Indian benchmark indices too are in the green today. The Nifty spot and the Sensex spot indices are up by over one per cent each.
The market breadth of the Nifty 50 index is indicating a bullish bias as the advance-decline ratio is at 30-20 i.e. 30 out of the 50 stocks in the index have gained so far. Likewise, most of the mid-and small-cap indices too are up today. Among the sectoral indices, the Nifty auto index is the top performer, up by 2 per cent while the Nifty PSU bank is the top loser, down by 0.9 per cent in today’s session. Another factor indicating reduced fear in the market is the volatility index i.e. India VIX. The index is down by a little over 4 per cent today to 80.1 levels.
The March futures contract of the Nifty index opened lower today, at 7,741 versus yesterday’s close of 7,849. But after registering an intraday low of 7,681, the contract bounced and made an intraday high of 7,973. It has slightly moderated from the day high and is currently trading at 7,925. The contract has thus moved above the important level of 7,850. Moreover, the overall market sentiment is positive and so one can take bullish view today. Traders can initiate fresh long positions with stop-loss at 7,850.
Strategy: Initiate fresh long positions with stop-loss at 7,850
Supports: 7,850 and 7,832
Resistances: 8,000 and 8,100
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.