Nifty 50 opened with a gap-down today at 22,486 versus yesterday’s close of 22,515. It is currently hovering around 22,470, down 0.2 per cent.

The advance/decline ratio of Nifty 50 stands at 21/29, a bearish indication. However, unlike the benchmark index, mid- and small-cap indices are in the green.

Among the sectors, Nifty Realty, up 1.4 per cent, is the top gainer whereas Nifty Media, down 0.7 per cent, is the top loser.

Nifty 50 futures

The April futures of Nifty 50 opened today’s session lower at 22,570 compared to yesterday’s close of 22,612. It is now trading at 22,530, down nearly 0.4 per cent.

The chart shows that the contract has been oscillating in the range of 22,450-22,650 over the past few trading sessions. To predict the direction of the next swing in price with reasonable accuracy, one ought to wait for Nifty futures to move out of the range.

If Nifty futures break out of 22,650, it can see a quick rally to 22,750, a resistance. Subsequent resistance is at 22,800. But if the contract falls below 22,450, it can lengthen the downswing, potentially to 22,250 and then to 22,180.

Trading strategy

Participants can stay out until the break of the 22,450-22,650 range occurs.

Supports: 22,450 and 22,250

Resistance: 22,650 and 22,750

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