Nifty 50 began today’s session with a minor gap-down at 21,990 versus last week’s close of 22,023. While the index fell to 21,934 soon after the open, it recovered and is now at 21,980, down 0.2 per cent.

The advance/decline ratio of Nifty 50 stands at 22/28, giving it a slight bearish bias. Mahindra & Mahindra is the top gainer by advancing 3.5 per cent whereas Adani Enterprises, down 3.1 per cent, is the top loser.

Like the benchmark index, mid- and small-cap indices are in the red. Among the sectors, Nifty Media, up 0.8 per cent, is the top performer. At the other end, Nifty Realty, down 0.8 per cent, is the worst performer.

Nifty 50 futures

The March futures of Nifty 50 opened today’s session at 22,144 as against last week’s close of 22,133. It is now trading around 22,100, down 0.15 per cent.

Although there is a bearish bias, Nifty futures have a strong support band between 22,050 and 22,000. Until these levels hold, the bulls have a chance to gain traction. That said, there is a hurdle at 22,150.

If Nifty futures surpass 22,150, it can establish a leg of uptrend, which can lift it to 22,240 and then to 22,300. But if the contract slips below 22,000, it is likely to fall to 21,800, a support. Subsequent support is at 22,500.

Trading strategy

For intraday, traders can initiate trade along the direction of the break of the 22,000-22,150 range.

Supports: 22,000 and 21,800

Resistances: 22,150 and 22,240

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