Nifty 50 March Futures (10,181)

After taking cues from the positive global markets, the Nifty and the Sensex started the session with a gap-up open and extended the rally in early trading hours. The US equity indices advanced about 2.8 per cent in last session. The Asian stocks also started the session on a positive note, the Nikkei 225 rose 2.6 per cent to 21,317 level and Hang  Seng index added 0.8 per cent to 30,810 levels.

However, the domestic benchmark indices subsequently began to witness selling interest and pared some of its initial gains. Taking support once again the indices are rallying. The Nifty

March month contract commenced the session, opening in positive territory at 10,190 levels. After marking an intra-day high at 10,210, the contract began to experience selling pressure and slipped to record an intra-day low at 10,147. Currently, the contract is in an upmove which lacks strength. Traders should tread with caution as long as the contract moves in a sideways range between 10,150 and 10,200. Fresh long positions are recommended with a fixed stop-loss only if the contract moves beyond 10,200 levels.

Next resistances are at 10,225 and 10,250 levels. On the other hand, a plunge below 10,150 will bring back selling pressure and pull the contract down to 10,130 and then to 10,110 or 10,100 levels. Further fall below 10,100 levels can drag the contract down to 10,080 and 10,050 levels.

Strategy : In a sideways movement. Tread with caution. 

Supports : 10,150 and 10,130

Resistances : 10,200 and 10,225

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