Nifty 50 opened today’s session higher at 22,048 as against yesterday’s close of 21,983. The index moved further up post the open and is now hovering around 22,145, up 0.7 per cent.

The advance/decline ratio stands at 39/11. BPCL, up nearly 3 per cent, is the top performer in the early trade. Apollo Hospitals Enterprise is the top loser in Nifty 50 by losing 1.1 per cent.

All the mid- and small-cap indices and most of the sectoral indices are in the green, showing good buying interest so far today.

Among the sectors, Nifty Metal and Nifty Oil & Gas, up 2 per cent each, are the best performers where Nifty Healthcare, down nearly 1 per cent, is the top loser.

Nifty 50 futures

The March futures of Nifty 50 opened today’s session higher at 22,203 as against yesterday’s close of 22,161. The contract is currently trading around 22,270, up 0.5 per cent.

The chart shows that Nifty futures are now trading in the resistance band of 22,250-22,300. So, for the current rally to turn into a sustainable one, the contract should break out of 22,300.

In such a case, Nifty futures can rally to 22,380, its nearest resistance. Subsequent hurdle is at 22,450.

On the other hand, if the contract falls off the resistance, it can decline to 22,180 and then possibly to 22,125, the nearest notable support levels.

Trading strategy

Go long if Nifty futures break out of 22,300. Place initial stop-loss at 22,240.

When the contract rallies past 22,380, tighten the stop-loss to 22,320. Book profits at 22,450.

Supports: 22,180 and 22,125

Resistances: 22,380 and 22,450

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