Nifty 50 began today’s session slightly lower at 23,402 versus yesterday’s close of 23,437. After opening, it saw a decline and is currently at 23,380, down 0.25 per cent.
The advance/decline ratio of the index is at 14/36, giving it a bearish bias. ICICI Bank (up 1.8 per cent) and Grasim Industries (up 1.2 per cent) are the top gainers.
At the other end, Wipro (down 5.7 per cent) and HCL Technologies (down 3 per cent) are the top losers.
Like the benchmark index, all mid- and small-cap indices are in the red, indicating a broader bearish inclination for today.
Among the sectors, Nifty Pharma and Nifty Private Bank, up one-third of a per cent each, are the top gainers. Nifty IT is the weakest by losing 2.2 per cent so far today.
Nifty 50 futures
The April futures of Nifty 50 began today’s session with a gap-down at 23,400 compared to yesterday’s close of 23,434. It is currently trading at 23,370, down 0.25 per cent.
Since Tuesday, the contract has been charting a sideways trend within 23,280 and 23,450. But broadly, Nifty futures has been maintaining a bullish bias.
If the contract resumes the rally and breaks out of 23,450, it can rise to 23,600. A breach of this can lift it further to 24,000.
But if Nifty futures slips below 23,280, it can extend the decline to 23,000 and 22,800, notable support levels.
As it stands, the contract is still in the uptrend and so, there is a good chance for it to resume the rally from the current level of 23,370 or after a dip to 23,280.
Trading strategy
Go long on Nifty futures (April) at 23,280. Target and stop-loss for intraday can be 23,600 and 23,150 respectively.
Supports: 23,280 and 23,000
Resistance: 23,450 and 23,600
Published on April 17, 2025
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