By laksh5382 
Taking weak cues from global markets, Sensex and Nifty 50 started the session with a decline today. In today’s session, Nikkei 225 fell 3 percent to 28,608 and Hang Seng Index fell 2.1 percent to 27,993. After a gap-down open, domestic benchmark indices – Sensex and Nifty 50 have started recovering from intra-day lows and reduced intra-day losses to 0.6 per cent and 0.5 per cent, respectively. The market spread of Nifty 50 is inclined towards decline. India VIX fell 1.2 percent to 19.9, indicating low volatility. On the other hand, Nifty mid and small-cap indices are showing buying interest and have climbed 0.6 per cent each. Sectoral indices are mixed and the top losers are Nifty Financial Services, down 1 per cent, followed by Nifty IT, down 0.9 per cent. The gainers, Nifty Media and Auto, rose 0.88 per cent and 0.4 per cent, respectively.
Nifty May month contract started the session at 14,798 against the previous close of 14,984. After registering a low of 14,785 intra-day and then the contract started a correction and the contract has crossed a key resistance at 14,860 levels. The contract touched an intra-day high of 14,939 and is now on a decline once again. Tread with caution until the contract trades in the band between 14,860 and 14,900. A strong fall below 14,860 will bring back selling interest and pull the contracts down to 14,840 and then 14,800 levels. On the positive side, a decisive breach of the immediate resistance at 14,900 could extend the recovery and take the contract to 14,930 and then 14,950 levels. The next resistance lies at 14,975 and 15,000 levels.
Strategy: Go short on dips below 14,860 with a fixed stop-loss Support: 14,860 and 14,840 Resistance: 14,900 and 14,930