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
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.