Comments
Nifty 50 March Futures (7,512)
Taking cues from the Asian indices which are trading in negative territory, declining around 0.6 per cent, the domestic benchmark indices started the session on a negative note and remain in this territory. The Nifty futures contract open the session at 7,545. Recording an intra-day high at 7,555 the contract fell sharply and marked an intra-day low at 7,493 levels. It currently tests a key support at 7,500 levels. The near term outlook will remain bearish as long as the contract trades below 7,530 levels.
Traders with a short-term perspective can make use of rallies to initiate short position with a stop-loss at 7,535 levels. Also, a decisive fall below 7,500 will indicate increase in selling pressure. Next supports are at 7,470 and 7,450 levels. On the other hand, significant resistance is at 7,550. Only a decisive break through this resistance level will reinforce the bullish momentum and take the contract northwards to 7,580 and 7,600 levels.
Strategy : Make use of rallies to initiate fresh shorts
Supports : 7,500 and 7,475
Resistances : 7,530 and 7,500
Comments
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.