Comments
Nifty 50 April Futures (9,060)
The Indian benchmarks opened higher and have been rising since the session open. The Nifty and the Sensex spot indices are up by over 1.5 per cent so far today. This is despite the US market closing with a loss yesterday. The Asian indices are sending mixed cues as the Nikkei is down by 1.2 per cent whereas the Hang Seng is trading flat. On the other hand, the Shanghai composite index has gained a little over 0.3 per cent.
The market breadth of the Nifty 50 index is indicating a positive bias as 37 out of the 50 stocks in the index are in the green. Among the sectoral indices, the Nifty media index is the top performer, up by 3.1 per cent while the Nifty metal index is the worst performer, down by nearly one per cent so far. The volatility index is hinting at easing market sentiment. India VIX, the volatility index is down by 2.4 per cent to 44.1 levels.
The April futures contract of the Nifty index opened higher at 9,001 compared to yesterday’s close of 8,971. After registering a low of 8,933, the contract has been gaining, and it comfortably remains above the critical level of 9,000. It is currently trading at 9,060 after registering the day’s high at 9,107. The index can be bullish for the day as long as it stays above 9,000 and so, traders can initiate fresh long positions on dips with stop-loss at 8,990.
Strategy:Go long on declines with stop-loss at 8,990
Supports: 9,000 and 8,920
Resistances: 9,100 and 9,200
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.