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Nifty 50 December Futures (13,987) Following a gap-down open, the Sensex and Nifty 50 recovered immediately and entered the positive territory. But lack of bullish momentum has kept the benchmark indices wavering between positive and negative territory, and are broadly range-bound. Most of the Asian markets are closed.
The market breadth of the Nifty 50 is biased towards declines. The India VIX is also flat, hovering at 21.1 levels. The Nifty mid and smallcap indices have advanced 0.5 per cent and 0.6 per cent respectively. Nifty realty and media have gained 1.3 per cent and 1 per cent respectively. Selling interest is seen in the Nifty IT and FMCG have fallen 0.6 and 0.3 per cent correspondingly.
The Nifty 50 December futures contract started the expiry session with a gap-down open at 13,968 and recorded an intraday high at 14,001 levels. It has recorded an intra-day low at 13,930 levels. The contract is now range-bound between 13,950 and 14,000. Traders should tread with caution as long as the contract is range-bound. A strong rally above 14,000 can take the contract higher to 14,030 and then to 14,050 levels. But a decisively fall below the immediate support level of 13,950 can pull the contract down to 13,930 and then to 13,900 levels. Next key supports are at 13,875 and 13,850 levels.
Strategy: The contract is range-bound. Tread with caution
Supports: 13,950 and 13,930
Resistances: 14,000 and 14,030
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