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The Nifty and the Sensex began the session on a positive note amid mixed global cues. But, witnessing selling interest at higher levels, the key benchmark indices slipped in to negative territory. After wavering between positive and negative zone, the Sensex is experiencing buying interest while the Nifty is hovering flat. The market breadth of the Nifty index is at breakeven. The India VIX, volatility index has slumped 4.8 per cent to 17.54 levels. Buying interest is seen in banking and metal sectors while realty and FMGC sectoral indices are under pressure.
Following a gap-up open at 10,709, the Nifty January futures contract recorded an intra-day high at 10,714. However, due to selling pressure the contract declined and has registered an intra-day low at 10,620 before making a recovery. The near-term outlook will remain bearish as long as the contract trades below 10,700 levels. A decisive fall below the immediate support level of 10,650 can drag the contract down to 10,620 and then to 10,600 levels. Key resistances above 10,700 are placed at 10,725 and 10,750 levels.
Strategy: Near-term outlook will bearish as long as the contract trades below 10,700 levels. Sell in rallies with a fixed stop-loss at 10,710 levels.
Supports: 10,650 and 10,620
Resistances: 10,700 and 10,725
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