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Nifty 50 April futures (10,306)
Bellwether indices the Nifty and Sensex started the session with a gap-up open at 10,255 and extended its rally, taking bullish cues from the global markets. The Dow Jones Industrial Average gained 1 per cent and the S&P 500 added 1.2 per cent in the last session.
The Nikkei 225 rose 1.5 per cent to 21,645 levels in today's session. The Nifty 50 futures contract made an intra-day low at 10,253 levels and an intra-day high at 10,329. After a strong rally, the contract is moving sideways in a narrow range in the band between 10,290 and 10,315. As long as the contract trades in this band, traders should tread with caution.
The contract is trading at a huge premium to the underlying Nifty 50 index. The market breadth of the Nifty index is biased toward advances. A decisive rally above 10,315 will strengthen the bullish momentum and push the contract higher to 10,330 and then to 10,350. However, if the contract slumps below 10,290, it can fall to 10,275 and 10,250 levels. A further decline below 10,250 can pull the contract down to 10,230 and 10,200 levels.
Strategy: The contract trades in a narrow range, so tread with caution.
Supports: 10,290 and 10,275
Resistances: 10,315 and 10,330
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