Technical Analysis

Nifty Call: Go long above 15,030 levels with a fixed stop-loss

Yoganand D | Updated on March 08, 2021

Nifty 50 March Futures (15,017)

The Sensex and the Nifty 50 started the session on a positive note with a gap-up open, despite the weak Asian market. The Nikkei 225 has declined 0.4 per cent to 28,743 levels, and the Hang Seng index has tumbled 1.5 per cent to 28,646 levels in today's session. After an initial rally, the Senex and the Nifty 50 began to experience selling interest at higher levels and decline from the intraday high. The Sensex and the Nifty 50 have climbed 0.2 per cent 0.3 per cent, respectively. The market breadth is slightly biased towards advances. The India VIX has fallen 3 per cent to 24.7 levels indicating a decrease in volatility. The Nifty mid and small-cap indices have gained 0.5 per cent and 0.4 per cent respectively. The Nifty PSU Bank index has gained 1.9 per cent followed by Nifty media that has climbed 1.7 per cent, respectively. Selling interest is seen in the Nifty Realty and Nifty Financial Services that have fallen 0.5 per cent and 0.3 per cent correspondingly.

The Nifty March month contract started the session with a gap-up open at 15,001. After recording an intraday high at 15,140 levels, the contract began the decline and had fallen below 15,000 levels to mark an intraday low at 14,965 levels. Once again, the contract tests 15,000 levels. Traders can take fresh long positions with a fixed stop-loss on a rally above 15,030 levels. The contract can tests resistances at 15,050 and then 15,080 levels. Key resistance after that is at 15,100 and 15,140 levels. Supports below 14,975 are at 14,950 and 14,920 levels.

Strategy: Go long above 15,030 levels with a fixed stop-loss

Supports: 14,970 and 14,950

Resistances: 15,030 and 15,050

BL Research Bureau

Published on March 08, 2021

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