Comments
Nifty January Futures (8,132) The Asian markets declined following the US stock market fall on Tuesday. The crude oil (WTI) has slumped below the $50-a-barrel-mark and Brent is hovering around $50-a-barrel. After a choppy start, both the Sensex and the Nifty have started falling.
The January Nifty futures contact opened at 8,150 levels from its previous close of 8,157 levels. Though it rallied to an intra-day high of 8,184, the contract failed to maintain the positive momentum. Breaking key support at 8,150, the contract plunged to an intra-day low of 8,096 and tested support at 8,100 levels. The recovery from this support is feeble; the contract can reverse lower and re-test 8,100 levels. Traders with a short-term perspective can make use of rallies to sell the contract with a stop-loss at 8,155 levels.
The contract can decline to 8,100 levels. A decisive fall below this support can pull it down to 8,060 and then to 8,040 levels. Conversely, the contract needs to conclusively rally above 8,200 levels for an up-move to 8,226 and then to 8,250 levels.
Strategy: Make use of rallies to sell the contract with a stop-loss at 8,155 levels.
Supports: 8,120 and 8,100
Resistances: 8,184 and 8,200
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.