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Nifty 50 April futures (9,370)
Even as the Asian markets were giving out mixed cues, the Indian benchmark indices opened with a gap-up on Tuesday. However, both the indices i.e. the Nifty spot and the Sensex spot, have given up their entire gains and are trading near yesterday’s closing level.
Among the major Asian indices, the Nikkei ended the day flat. While the Hang Seng index has gone up by nearly one per cent, the Shanghai composite is trading lower by 0.2 per cent for the day.
The advance-decline ratio of the Nifty 50 index is equally split at 25-25. As a positive factor, all the mid-cap and small-cap indices are in the green so far today. Among sectoral indices, the Nifty private bank index is the top gainer, up by 2.1 per cent, whereas the Nifty pharma index is the top loser, down by 1.9 per cent. Volatility, as indicated by the volatility index – India VIX – has dropped by a little over 3.5 per cent to 36.7 levels.
Following the Nifty spot index, the April futures contract of the Nifty index opened higher today at 9,379 versus its previous close of 9,295. Immediately after the open, the contract started to decline and registered an intra-day low of 9,257. It then gradually moved up and is currently trading at 9,370. As long as the contract remains below 9,400, the likelihood of a decline is more. So, traders can initiate fresh short positions with stop-loss at 9,400.
Strategy: Initiate shorts with stop-loss at 9,400
Supports: 9,300 and 9,280
Resistances: 9,375 and 9,400
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