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Tracking the bearish global markets, the domestic equity indices began the session in negative territory. The Dow Jones and S&P 500 had declined 0.7 per cent and 0.6 per cent in the previous session. The Nikkei 225 index fell 0.5 per cent to 21,687 and Hang Seng index slipped marginally by 0.26 per cent to 30,080 levels in today's session. Both the Sensex and the Nifty continue to hover in the negative territory. The India VIX, the volatility index has surged 3 per cent to 20.92 levels. But the market breadth of the Nifty index is biased towards advances.
The Nifty futures contract began the session in negative territory, opening at 11,720. After an initial rally, the contract recorded an intra-day high at 11,744. However, it began to decline and marked an intra-day low at 11,706. The contract is range-bound between 11,710 and 11,740. As long as it trades in this range, traders should tread with caution. Traders can go long a a strong rally above 11,740 levels with a fixed stop-loss. The contract can trend upwards to 11,765 and 11,785 levels. On the downside, a decisive fall below the vital base level of 11,700 can bring back selling pressure and drag the contract down to 11,680 and then to 11,650 levels.
Strategy: The contract is range-bound between 11,710 and 11,740; tread with caution
Supports: 11,700 and 11,680
Resistances: 11,740 and 11,765
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