Comments
Nifty 50 May Futures (10,771)
Following a positive start, the key benchmark indices, the Nifty and Sensex slipped into the negative territory, witnessing selling pressure. However, the indices bounced back thereafter.
Asian stocks were in the negative territory with a marginal fall -- the Nikkei 225 was down by 35 points at 22,472 and Hang Seng index down 93 points at 30,714.
The Nifty May futures started the day on a flat note at 10,799. It slipped into the negative territory thereafter, but found support at around 10,750. It has bounced back slightly.
Key intra-day resistance is in the band between 10,770 and 10,775 which is limiting the contract. A strong break above this barrier is needed to take the contract higher to 10,790 and 10,800 levels in the near term.
Further rally beyond 10,800 will push the contract higher to 10,830 and 10,850 levels. Significant supports are at 10,750 and 10,730 levels. A plunge below 10,730 will drag the contract down to 10,700 levels.
Strategy : Go long on a rally above 10,775 levels with a fixed stop-loss at 10,765 levels.
Supports : 10,750 and 10,730
Resistances : 10,775 and 10,790
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.