Comments
Nifty 50 May Futures (10,775)
Taking cues from the positive Asian markets, the Nifty and Sensex started the session with a gap-up open. This bullish momentum was also backed by strong rally in banking, FMCG and IT sector stocks. The Nifty index has surpassed a key resistance at 10,700 and the Sensex has breached key level of 35,000. The market breadth of the Nifty index is biased towards advances. The Nifty May futures contract began the session with a gap-up open at 10,727 which is also the day's low and extended its up move. The contract has breached a significant resistance at 10,750 and registered an intra-day high at 10,784. The near-term outlook will remain bullish as long as the contract trades above 10,750 levels. Traders can make use of intra-day dips to buy the contract with a fixed stop-loss at 10,745 levels. The contract can retest the immediate resistance at 10,784. A break above this level can take it higher to 10,800. A strong breakthrough of this level is required to further strengthen the uptrend and take the contract northwards to 10,830 and 10,850 levels. Key supports below 10,750 are placed at 10,725 and 10,700.
Strategy : Go long in dips with a stop-loss at 10,745 levels.
Supports : 10,750 and 10,725
Resistances : 10,784 and 10,800
Comments
COMMENT NOW
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.