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Nifty 50 October Futures (11,930) The Sensex and Nifty50 indices commenced today’s session in negative territory and immediately rallied into the positive territory. After an initially movement, the key benchmark indices began to witness selling interest and profit booking at higher level, then started to trend downwards. The US markets closed higher – Dow Jones had surged 0.88 per cent to 28,837 and S&P 500 index had rallied 1.6 per cent to 3,534 levels.
Following this, the Asian markets have advanced marginally. The Nikkei 225 is up by 0.2 per cent to 23,601 and CSI 300 index climbed 0.3 per cent to 4,839 levels in today's session. The domestic benchmark indices slipped into the negative territory. The market breadth of the Nifty 50 is biased towards declines. The India VIX is also featuring in the negative territory; it is down by 0.47 per cent to 21 levels. The Nifty mid and small-cap indices declined 0.3 and 0.2 per cent respectively. The sectoral indices are broadly trading in the negative territory. Top loser is the Nifty media which has slumped 1.6 per cent. The Nifty PSU Bank and PVT Bank indices have slumped 0.9 per cent each. The Nifty IT index is the top gainer that has climbed 0.8 per cent.
The Nifty 50 October month contract started the session in negative territory, opening at 11,921. After an initial rally to the intra-day high of 11,988, the contract began to decline and marked an intra-low at 11,884. The contract is witnessing selling interest at higher levels. Traders can make use of intra-day rallies to go short with a fixed stop-loss at 11,955.
A decisive fall below the immediate base level of 11,900 can drag it to 11,875 and then to 11,850 levels. Next supports are at 11,820 and 11,800. On the upside, a strong break above 11,960 is needed to bring back bullish momentum and take the contract higher to 11,990 or 12,000 levels. A conclusive break above 12,000 can accelerate the contract northwards to 12,025 or 12,050 levels.
Strategy: Make use of intra-day rallies to go short with a fixed stop-loss at 11,955 levels
Supports: 11,900 and 11,875
Resistances: 11,950 and 11,990
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