The Indian benchmark indices — the Nifty 50 (17,140) and the Sensex (58,200) — began today’s session with a gap-up. Although they have moderated a bit, both indices are up by about 0.5 per cent each.
All the mid- and small-cap indices as well as all the sectors are also in the green, indicating a broad-based buying. With respect to the Nifty 50 index, the advance/decline ratio stands at 39/11 i.e., 39 out of the 50 stocks in the index have appreciated so far today.
Substantiating the bullishness, major indices across Asia too have gained. Nikkei 225 (27,245), ASX 200 (7,060), Hang Seng (19,520) and KOSPI (2,385) have advanced today.
Nifty 50 futures
The March futures of the Nifty 50 index opened the session higher at 17,225 against yesterday’s close of 17,126. It has softened a bit and is now trading at 17,190.
Even as the sentiment appears positive, the Nifty futures has a strong barrier at 17,260. Only a clear breach of this can turn the intraday trend bullish. A breakout of 17,260 can lead to a rally towards 17,350 and possibly to 17,400.
On the other hand, if the contract falls from here, the nearest support can be seen at 17,075. Subsequent support is at 17,000.
Stay out for now as Nifty futures has a hurdle at 17,260. Go long once this resistance is breached. Place stop-loss at 17,200.
When the contract surpasses 17,350, tighten the stop-loss to 17,280. Book profits at 17,400.
- Supports: 17,075 and 17,000.
- Resistance: 17,260 and 17,350.
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