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Nifty 50 May Futures (11,183)
After a positive start, the key benchmark indices, the Sensex and Nifty, turned volatile. Both the indices continue to move sideways in a narrow range. The market breadth of the Nifty index is biased towards advances. The Nifty Pharma index is under selling pressure and has slumped 1.2 per cent. The Nifty May month contract began the session with a gap-up opening at 11,189. Following an initial decline, the contract recorded an intra-day low at 11,152. Subsequently, it bounced up and registered an intra-day high at 11,204. The contract is range-bound between 11,150 and 11,205. A strong break above the key resistance at 11,204 can reinforce the bullish momentum and take the contract higher to 11,225 and then to 11,250 levels. Subsequent resistances above 11,250 are at 11,275 and 11,300. Traders can initiate fresh long positions on a strong rally above 11,204 with a fixed stop-loss at 11,190. On the other hand, a fall below 11,150 can drag the contract down to 11,125 and 11,100 levels.
Strategy: Go long on a strong rally above 11,204 with a fixed stop-loss at 11,190 levels
Supports: 11,150 and 11,125
Resistances: 11,204 and 11,225
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