Nifty 50 opened with a gap-up today at 22,592 versus yesterday’s close of 22,435. But it has now moderated to yesterday’s closing price.

Among the Nifty 50 stocks, NTPC, up 3.2 per cent, is the top gainer whereas IndusInd Bank, down 1.4 per cent, is the top loser.

The advance/decline ratio of Nifty 50 stands at 16/34, giving the index a bearish tilt. That said, the mid- and the small-cap indices are in the green, broadly outperforming the benchmark.

Nifty Private Bank, up 0.6 per cent, is the best performing sectoral index. On the other hand, Nifty Oil & Gas, down 0.7 per cent, is the top loser.

Nifty 50 futures

The April futures of Nifty 50 opened today’s session lower at 22,640 compared to yesterday’s close of 22,543. It is now trading at 22,520, down 0.1 per cent.

The price action over the past few days show that Nifty futures have been trapped within the 22,450-22,650 band. The direction along which the contract gets out of this range, will tell us about the next swing in the contract.

Should Nifty futures break out of 22,650, it can see a quick rally to 22,750, a resistance. Subsequent resistance is at 22,800.

On the other hand, if the contract falls below 22,450, it can lengthen the downswing, potentially to 22,250 and then to 22,180.

Trading strategy

As Nifty futures are oscillating in a range, we suggest traders to stay out until a break occurs.

Supports: 22,450 and 22,250

Resistances: 22,650 and 22,750