Crime Today News
Nifty 50 opened with a wide gap-up and is trading higher. This has given some relief after getting beaten down badly on Monday. The index is trading at 22,420, up 1.16 per cent. It is important to see if it is getting a strong follow-through rise going forward. That would ease the downside pressure. The advances/declines ratio is at 47:3. This is positive.
Nifty 50 Outlook
The gap-up open today can keep the sentiment positive. However, the index coming down from the intraday high of 22,577 indicates lack of strong follow-through buying. That leaves the chances high of the Nifty to fall to 22,300-22,250 during the day.
A strong rise above 22,450 might be needed to go back up to 22,550-22,600. So, it is a wait and watch situation for now.
Nifty 50 Futures
The Nifty 50 April Futures (22,445) is up 0.8 per cent. The contract spiked to an intraday high of 22,650 in its early trades and is coming down from there. Key intraday support is at 22,370. It has to sustain above it to go back up to 22,600-22,650 levels again.
A break below 22,370 will bring the contract under pressure. Such a break can drag the Nifty 50 April Futures contract down to 22,200 and even 22,100 again.
Trade Strategy
Since the market is volatile, we sugges traders to stay out of the market for some time. Wait for a few sessions to get clarity on the next direction of move.
Supports: 22,370, 22,200
Resistances: 22,670, 22,780
Published on April 8, 2025
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