Tracking the weak global markets, the Sensex and the Nifty 50 began the session with a gap-down. The Dow Jones and S&P 500 fell 0.78 per cent and 0.85 per cent in last session. The Nikkei 225 has declined 1.28 per cent to 28,044 and CSI 300 has slipped 0.3 per cent to 5,172 levels in today session. The Sensex and the Nifty have recovered from their intraday low and are marginally down by 0.15 per cent and 0.19 per cent respectively.

The market breadth of the Nifty 50 is almost break-even. The India VIX has climbed 0.6 per cent to 19.3 per cent. The Nifty mid and small-cap indices mixed, as the former is trading flat and the latter gained 0.6 per cent. Among the sectoral indices, the Nifty realty and media are the top gainers that have advanced 2 per cent and 1.6 per cent respectively. Nifty metal and financial service are the top losers that have declined 0.8 per cent and 0.67 per cent correspondingly.

Also read: Nifty call: Buy on dips with deep stop-loss at 15,050 levels

The Nifty May month contract commenced the session with a gap-down open at 15,081. After marking an intraday low at 15,060 the contract began the recover and now hovers at 15,109 levels. The contract has marked an intraday high at 15,157 levels. Key resistance at 15,140 is limiting the rally. Traders can initiate fresh long positions on a strong rally above 15,140 levels with a fixed stop-loss. Supports are placed at 15,080 and 15,050 levels. Vital resistances above 15,140 are placed at 15,160 and then 15,180 levels. Thereafter resistances are at 15,200 and 15,225 levels.

  • Strategy: Stay cautious until the contract treads within 15,080 and 15,140
  • Supports: 15,080 and 15,050
  • Resistances: 15,140 and 15,160