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Nifty 50 May Futures (10,658)
The Nifty as well as the Sensex started the session in the negative territory with a minor gap-down open. Both the indices continue to remain in the negative territory and extended their decline.
The market breadth of the Nifty index is biased towards declines. The India VIX, the volatility index, has advanced 2.4 per cent to 13.3 levels.
The Nifty May futures began the session with a gap-down open at 10,675, breaching a key support at 10,700 levels. After marking an intra-day high at 10,687.7, the contract resumed its down move and continued to decline. It has recorded an intra-day low at 10,645 levels.
The contract faces a key resistance at 10,680. A strong rally beyond this level can take it higher to 10,700. An emphatic breakthrough of 10,700 is needed to strengthen the corrective up move and take it higher to 10,725 and 10,750 levels in the near term.
Inability to move beyond 10,680 can pull the contract down to 10,650 and then to 10,630 levels. Next key support is placed at 10,600.
Traders with a short-term can make use intra-day rallies to go short with a fixed stop-loss at 10,685 levels.
Strategy : Make use of intra-day rallies to go short with a fixed stop-loss maintained at 10,685 levels.
Supports : 10,650 and 10,630
Resistances : 10,680 and 10,700
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