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Nifty 50 opened today’s session with a gap-up at 21,615.20 versus yesterday’s close of 21,462.25. It is now hovering around 21,650, up 0.9 per cent.
Substantiating the bullish bias, the advance/decline ratio of Nifty 50 stands at 45/5. Besides, all mid- and small-cap indices and also all sectoral indices are in the green.
Nifty Metal and Nifty Financial services, up 1.2 per cent each, are the top gainers.
Nifty 50 futures
The January futures contract of Nifty 50 opened today’s session higher at 21,627 versus yesterday’s close of 21,527.45. It is now trading around 21,685, up 0.8 per cent.
The price action appears bullish and so, the contract is likely to rally further. The nearest resistance from the current levels are at 21,800 and 22,000.
- Also read:Stock Market Live Updates: Sensex and Nifty rebound after three-day slump, tracking Asian gains
On the other hand, if Nifty futures decline from the current level, it can find support at 21,650 and 21,550 for intraday.
Trading strategy
Since the chart and the market sentiment is bullish, traders can consider long positions.
But Nifty futures at the current level of 21,685 and add longs in case the price dips to 21,580. Place stop-loss at 21,500. Book profits at 21,800.
Supports: 21,650 and 21,550
Resistance: 21,800 and 22,000
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