Nifty 50, the benchmark index, opened today’s session with a gap-up at 22,476 compared to yesterday’s close of 22,337. But it moderated after opening and is now hovering around yesterday’s closing level.
The advance/decline ratio stands at 21/29, showing a bearish bias. Asian Paints, up 3 per cent, and Trent, down 1.8 per cent, are the top gainer and loser respectively in Nifty 50.
Though the benchmark index is flat, all mid- and small-cap indices are in the green. Among the sectors, barring Nifty Auto (down by a marginal 0.1 per cent), all others have advanced today.
- Also read: Stocks that will see action today: March 6, 2025
Nifty 50 futures
The March futures of Nifty 50 began today’s session lower at 22,541 versus yesterday’s close of 22,441. It is now trading at 22,485, up 0.2 per cent.
From the current level, the contract faces a resistance at 22,550. A clear breach of this level can trigger an upswing, potentially lifting the contract to 23,000.
On the other hand, if Nifty futures decline from the current level, it can fall to 22,150, a support. Subsequent support is at 22,000.
Overall, Nifty futures has not shed the bearish bias completely. Yesterday’s rally is likely to be a corrective move and the contract might resume the downtrend from the current level.
Trading strategy
Short Nifty futures now at 22,480. Target and stop-loss can be 22,150 and 22,600 respectively.
Supports: 22,150 and 22,000
Resistances: 22,550 and 23,000
