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Nifty 50 May Futures (10,773)
Both the Nifty and the Sensex began the session with a gap-up opening, taking cues from bullish global markets.
The US markets closed on a positive note by gaining about 0.8 per cent in the last session. In Asia, the Hang Seng gained 1 per cent to 31,131 and the Nikkei 225, the Japanese benchmark, also rose more than 1 per cent to 22,758.
The bellwether indices, the Nifty as well as Sensex, continued to trend upwards, keeping the bullish momentum intact. The market breadth of the Nifty index is biased towards advances.
The Nifty futures contract also started the session with a gap-up opening at 10,752. After marking an intra-day low at 10,736, the contract continued to trend up. The contract tests a key resistance at 10,775 with a positive bias.
Traders with a high-risk appetite can go long now with a stop-loss at 10,760 levels. A strong breach of the current resistance can take the contract higher to 10,800 levels. Next key resistances are placed at 10,820 and 10,850 levels.
Conversely, if the contract decisively falls below the key support level of 10,750, selling pressure can strengthen and drag the contract down to 10,730 and 10,715 levels.
Strategy : Go long in dips with a fixed stop-loss at 10,760 levels
Supports : 10,750 and 10,730
Resistances: 10,775 and 10,800
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