Comments
Nifty 50 December Futures (13,070)
After a negative open, Sensex and Nifty 50 began to witness selling interest and started to trend downwards. The Sensex and Nifty 50 fell 0.6 per cent and 0.5 per cent respectively so far. Asian markets are almost flat, the Nikkei 225 is flat at 26,800, and Hang Seng index is also flat at 26,580 levels in today's session. The market breadth of the Nifty 50 is at break-even. The India VIX has climbed 1.1 per cent to 20.4 levels. Experiencing selling interest, the Nifty mid and small-cap indices have declined 0.2 per cent and 0.3 per cent respectively. The Nifty realty and metal indices are the top sectoral gainers that have jumped 2 per cent and 1.6 per cent correspondingly. Selling interest is seen in the Nifty bank and Financial Service that have fallen 1.5 per cent each.
The Nifty 50 December month contract commenced the session on a flat note, opening at 13,144 against the previous close of 13,143. Following an initial rally to the intraday high of 13,161 the contract began to trend downwards, breaching a key support at 13,100. It has marked an intraday low at 13,065. Traders can make use of intraday rallies to go short with a stop-loss at 13,125. A decisive fall below the immediate support level of 13,065 can pull the contract down to 13,050 and then to 13,025. Next vital base is at 13,000. Resistances above 13,125 are at 13,145 and 13,160.
Strategy: Sell on rallies with a stop-loss at 13,130 levels
Supports: 13,065 and 13,050
Resistances: 13,125 and 13,145
Comments
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.