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Nifty 50 began today’s session higher at 21,990 versus yesterday’s close of 21,839. The index surpassed 22,000-mark and is now trading around 22,050, up 1 per cent.
The advance/decline ratio of Nifty 50 stands at 45/5, giving the index a bullish inclination. BPCL, up 3.7 per cent, is the top gainer whereas Hero MotoCorp, down 0.4 per cent, is the top loser.
Like the benchmark index, the mid- and the small-cap indices are in the green. Also, the volatility has dropped, as indicated by India VIX, which is down nearly 5 per cent to 12.8.
In addition, all the sectoral indices are in the green led by Nifty PSU bank, which has advanced 2.6 per cent. This is followed by Nifty Metal, up 2.5 per cent.
Nifty 50 futures
The March futures of Nifty 50 opened today’s session higher at 22,070 as against yesterday’s close of 21,910. It rallied further and is now hovering around 22,130, up 1 per cent.
The intraday trend is bullish and Nifty futures are likely to appreciate further. The nearest resistance levels are at 22,230 and 22,300.
On the other hand, if there is a decline from here, the price band of 22,000-22,030 can offer good support. Subsequent support is at 21,900.
Trading strategy
Buy Nifty futures now at 22,130 and on a dip to 22,070. Place stop-loss at 22,000. Tighten the stop-loss to 22,150 when the contract slips to 22,230. Book profits at 22,300.
Supports: 22,030 and 22,000
Resistances: 22,230 and 22,300
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