Nifty call: Go long above 14,750 with stop-loss at 14,670
Nifty 50 May Futures (14,730)
Taking positive cues from the Asian markets, the Indian benchmark equity indices opened higher than yesterday’s close. Both the Nifty 50 and the Sensex went up post opening and are now trading with a gain of about 0.3 per cent each. Among the major indices in Asia, the ASX 200 has gained nearly 0.6 per cent and the Hang Seng is up by 0.8 per cent so far.
The market breadth of the Nifty 50 index is showing a positive bias as the advance-decline ratio stands at 36-14 and the volatility has gone down, which is synonymous with an uptrend. India VIX – the volatility index – has dropped by nearly 6 per cent to 22.36.
Nifty call: Go long above 14,640 with stop-loss at 14,600
Nifty 50 May Futures (14,600)
Major indices across Asia are trading with a bearish bias, and following this, the Indian benchmark indices opened with a considerable gap-down today. Although the Nifty 50 and the Sensex have recouped some if the losses, both are still down by 0.5 and 0.7 per cent for the day. Among Asian majors, the Hang Seng is down by nearly 1.5 per cent, whereas the KOSPI lost 0.7 per cent.
Even as the Nifty 50 is down, the market breadth show a good fight between the bulls and the bears as the advance-decline ratio is at 27-23 i.e., 27 stocks have advanced today so far. But the volatility has gone up slightly. India VIX – the volatility index – is up by 1.2 per cent to 23.32. The mid- and small cap shows mixed trend as the Midcap 50 is down by about 1.2 per cent whereas the Smallcap 50 is up by 0.4 per cent. Among the sectoral indices, the Nifty metal index is the top gainer, up by about 0.9 per cent