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Nifty 50 May Futures (15,351)
Amid weak Asian markets, the Sensex and the Nifty 50 started the session on a flat note. After an initial decline, the bellwether indices began to trend upwards. The Nikkei 255 is down 0.3 per cent to 28,549, the Hang Seng index too is down 0.23 per cent to 29,099 in today’s session. The Sensex and the Nifty 50 are up 0.25 per cent and 0.27 per cent respectively. The market breadth of the Nifty 50 is biased towards advances. India VIX has fallen 0.89 per cent to 20.6. On the back of buying interest, the Nifty mid- and small-cap indices have gained 0.7 per cent each. Buying interest is seen in the Nifty IT and PSU Bank indices, which have gained 1.6 per cent and 1.7 per cent respectively. On the other hand, selling pressure is witnessed in Nifty Realty and Pharma which have fallen 0.8 per cent and 0.3 per cent respectively.
Also read: BPCL hits 52-week high on Q4 results, dividend announcement
The Nifty May month contract began the session with a gap-up open at 15,329 against the previous close of 15,303. Following an initial decline, the contract marked an intraday low at 15,274 and began to trend upwards. The near-term outlook will stay positive as long as the contract trades above 15,300. Traders can buy the contract with stop-loss at 15,290. A rally above the immediate resistance at 15,370 can take the contract higher to 15,400. Next resistances are at 15,430 and 15,450 levels. Key supports below 15,300 are placed at 15,275 and then at 15,250.
Strategy: Buy on dips with stop-loss at 15,290
Supports: 15,300 and 15,275
Resistances: 15,370 and 15,400
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