Technical Analysis

Nifty Call: Go long above 15,025 levels with a fixed stop-loss

Yoganand D BL Research Bureau | Updated on April 08, 2021

Despite mixed Asian markets, the Sensex and the Nifty 50 began the session on a positive note with a gap-up open and continues to trend upwards

Despite mixed Asian markets, the Sensex and the Nifty 50 began the session on a positive note with a gap-up open and continues to trend upwards. The Nikkei 225 is hovering flat at 29,708 whereas the Hang Seng index has surged 1.26 per cent to 29,035 levels in today's session. Last session, the Dow Jones and S&P 500 had closed almost flat at 33,446 and 4,079 respectively.

The Sensex and the Nifty 50 have advanced 0.56 per cent and 0.76 per cent correspondingly. The market breadth of the Nifty 50 is biased towards advances. India VIX has fallen 1.5 per cent to 19.9 levels implying decrease in volatility.

Experiencing buying interest, both the Nifty mid and small-cap indices have advanced 1 per cent and 1.6 per cent respectively. All the sectoral indices are featuring in the positive territory and the top gainers are Nifty metal and IT that have gained 4 per cent and 1.3 per cent respectively.

Also read: Nifty call: Buy on dips with stop-loss at 14,850 levels

The April month contract of the Nifty commenced the session with a gap-up open at 14,939 against the previous close of 14,888. After marking an intraday low at 14,925 the contract started to trend upwards and has recorded an intraday high at 15,034 levels. The contract tests the key resistance at 15,000.

So traders can wait and initiate fresh long positions on a strong rally above 15,025 levels with a fixed stop-loss. Key resistances thereafter are at 15,050 and 15,075 levels. Any intraday corrective decline can find support at 14,950-14,960 band. But a strong fall below this base can drag the contract down to 14,930 and then to 14,900 levels. Next supports are at 14,880 and 14,850 levels.

  • Strategy: The contact tests key barrier at 15,000. Go long above 15,025 levels with a fixed stop-loss
  • Supports: 14,950 and 14,930
  • Resistances: 15,025 and 15,050
Published on April 08, 2021

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