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Nifty 50 November Futures (10,413) Asian stocks continued to trade in negative territory. The Nikkei 225 was volatile and slipped marginally by 10 points to 22,486 levels and the Hang Seng index fell 77 points to 29,609 levels.
The MSCI AC Asia Pacific index has declined 0.78 points or 0.5 per cent to 172.3 levels. The European markets ended in the red and the US markets closed on a mixed note with a negative bias.
Taking bearish cues from the global markets, the Nifty and Sensex started the session in the red. The Nifty futures contract started the session on a negative note with a gap-down open at 10,391 levels. However, after marking an intra-day low of 10,386, the contract began to trend higher, breaching the immediate resistance level of 10,400. The contract has recorded an intra-day high at 10,417.
The advances/ decline ratio is slightly biased towards advances. Witnessing buying interest, the contract is recovering. Traders with a near-term view can go long on a strong rally beyond 10,420 levels with a fixed stop-loss.
The contract can trend upwards and test resistances at 10,440 and 10,450. A strong rally beyond 10,450 can strengthen the upmove and push the contract higher to 10,475 levels. On the other hand, a decisive fall below the key base level of 10,380, can bring back selling pressure and pull the contract down to 10,350 levels.
Strategy: Go long above 10,420
Supports: 10,380 and 10,350
Resistances: 10,420 and 10,440
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