Portfolio

Nifty 50 November Futures (11,958)

Yoganand D, BL Research Bureau | Updated on November 15, 2019 Published on November 15, 2019

The Sensex and the Nifty commenced the session on a positive note and continue to hover in green, gaining about 0.5 per cent each in today's session. Asian markets are up, the Nikkei 225 index has gained 0.7 per cent to 23,303 and the Hang Seng index has marginally advanced by 0.17 per cent to 26,367 levels.

The market breadth of the Nifty is biased towards advances while the India VIX has slumped 3 per cent to 15.15 levels. Although large cap indices have surged about 0.4 per cent, the small-cap index hovers in the negative territory, down by 0.28 per cent. The Nifty mid-cap index has gained 0.3 per cent. Buying interest is seen the Nifty PSU bank index which has jumped 4 per cent.

The Nifty futures November contract started the session with a gap-up open at 11,913 and extended the up-move. But after recording an intra-day high at 12,008, the contract began to decline due to key resistance at 12,000 and on the back of profit taking. Key support in the band between 11,930 and 11,940 can provide base for the contract. As long as the contract trades above this band, the near-term outlook stays positive. However, a strong fall below 11,930 can drag the contract down to 11,913 and then to 11,900. A further decline below this base can pull the contract lower to 11,875 and 11,850 levels. On the upside, the immediate resistance at 11,975 and 12,000 can retested.

Strategy: Go long with a fixed stop-loss at 11,930 levels.

Supports: 11,930 and 11,913

Resistances: 11,975 and 12,000

Published on November 15, 2019
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