The Sensex and the Nifty 50 started the session with a marginal gap-up open and declined initially. But, the benchmark indices bounced from their intraday lows and started to recover. The Sensex and the Nifty 50 have climbed 0.3 per cent each. Asian markets are mixed; the Nikkei is up 0.17 per cent at 28,364, while the Hang Seng index has fallen 0.19 per cent to 28,396 in today’s session.

The Nifty 50 market breadth is biased towards advances and the India VIX is hovering flat at around 19 levels. Both the Nifty mid- and small-cap indices have advanced 0.88 per cent and 1 per cent, respectively. Among the sectoral indices, the Nifty FMCG and metal are the two sectoral indices that are trading in the negative territory, down 0.48 per cent and 0.33 per cent respectively. Top gainers are Nifty PSU Bank and media which have advanced 2.4 per cent and 1.6 per cent correspondingly.

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The Nifty May month contract began the session with a minor gap-up open at 15,230. After marking an intraday low at 15,150, the contract started to recover and has moved above 15,200. The contract has recorded an intra-day high at 15,249. As long as the contract trades above the vital base level of 15,150, the near-term stance remains positive for the contract. Traders can make use of intraday dips to buy with fixed stop-loss at 15,175. A strong breakthrough of the immediate resistance at 15,250 can take the contract higher to 15,275 and then to 15,300. Key supports below 15,150 are placed at 15,120 and 15,100.

Strategy: Make use of intraday dips to buy with stop-loss at 15,175

Supports: 15,150 and 15,120

Resistances: 15,250 and 15,275

 

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