Technical Analysis

The Nifty call: Stay out of the market

Yoganand D BL Research Bureau | Updated on January 15, 2018 Published on April 27, 2017

Nifty 50 April Futures (9,337)

The Nifty futures April contract started the derivative expiry session on a positive note at 9,344.7. With global markets showing mixed trends, the domestic bellwether indices the Nifty and the Senses traded flat amidst volatility.

The Nifty April contract is also choppy and has recorded an intra-day high of 9,355 and low of 9,325. Traders with a short-term perspective should desist from trading as long as the contract trades sideways in the band between 9,325 and 9,355.

A strong slump below 9,325 can bring on selling pressure and pull the contract down to 9,310 or 9,300 levels. Strong plunge below 9,300 will strengthen the down-move and pull the contract down to 9,275 and then to 9,250 in the short term. On the other hand, a conclusive breach of 9,355 can take the contract higher to 9,365 and 9,380 levels.

Strategy: The April month contract is trading in a narrow range. Desist from trading in this session

Supports: 9,325 and 9,310

Resistances: 9,355 and 9,365

Published on April 27, 2017
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