As long as the contract trades below 14,500, the near-term stance will remain bearish
The Sensex and the Nifty 50 started the session marginally in the negative territory and bounced up initially. But they failed to sustain in the positive territory. The benchmark indices slipped into the negative territory witnessing selling interest.
Asian markets are displaying mixed cues. The Nikkei 225 is trading marginally in the positive at 29,642, while the Hang Seng index has slumped 0.6 per cent to 28,737 in today’s session. China’s CSI 300 index is also down 0.76 per cent at 4,942.
On the domestic front, the Sensex and the Nifty 50 have fallen about 0.6 per cent each. The market breadth of the Nifty 50 is biased towards declines. There is an increase in volatility as the India VIX index has jumped 3.7 per cent to 21.2 levels. Both the Nifty mid- and small-cap indices have declined 0.45 per cent and 0.6 per cent respectively. Selling interest is witnessed in the Nifty Auto and PSU
Following a steep cut in the earlier session, the domestic equity market recovered on Tuesday, more so in the second half of the session to end the day with a strong gain.
Headline index Nifty started on a quiet note on anticipated lines. However, it stayed range bound until afternoon and did not make any major directional headway. However, the afternoon trade saw some heavy short covering ahead of the market holiday which took the index to a new intraday high. Following this move, Nifty ended on a strong note piling up gains of 194 points or 1.36 per cent.
From a technical perspective, the index has bounced off from its 100-DMA at 14,282. This support has been held on a closing basis as of now. On the other hand, there is also a gap created between 14,650-14,850 levels due to the strong corrective move. However, this gap is an area gap as this occurred within the falling channel that the index was in. This makes this gap insignificant in nature, being an area gap.
Nifty April futures trade at premiumThe Nifty April 2021 futures were at 14,364.50, a premium of 53.17 points compared with Nifty s spot closing of 14,310.80.
Turnover on the National Stock Exchange s futures & options (F&O) segment was Rs 35.35 lakh crore compared with Rs 22.34 lakh crore in the previous session.
In the cash market, the Nifty 50 index slumped 524.05 points or 3.53% to 14,310.80.
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, soared 16.22% to 23.
RIL, Infosys and Dr. Reddy s were the top traded stock futures contracts in F&O segment for April expiry.
The April F&O contracts will expire on 29 April 2021.
NSE VIX fell 2.59% to 19.785.The Nifty April 2021 futures were at 14,893, a premium of 58.15 points compared with Nifty s spot closing of 14,834.85.
Turnover on the National Stock Exchange s futures & options (F&O) segment was Rs 22.34 lakh crore compared with Rs 85.04 lakh crore in the previous session.
In the cash market, the Nifty 50 index declined 38.95 points or 0.26% to 14,834.85.
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, fell 2.59% to 19.785.
RIL, HDFC Bank and SBI were the top traded stock futures contracts in F&O segment for April expiry.
The April F&O contracts will expire on 29 April 2021.
Nifty April futures trade at premium business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.