Technical Analysis

Nifty 50 January Futures (14,750)

Yoganand D | Updated on January 21, 2021

Buy on declines with a fixed stop-loss at 14,690

BL Research Bureau

Tracking the positive US markets, the domestic benchmark indices- the Sensex and the Nifty 50 commenced the session with a gap-up open and continues to feature in the positive territory. The Asian markets are mixed; the Nikkei 225 is up by 0.8 per cent to 28,756 while the Hang Seng index is down by 0.4 to 29,815 levels in today's session. The market breadth of the Nifty 50 is biased towards advances. Both the Sensex and the Nifty 50 have climbed 0.66 per cent and 0.6 per cent respectively.

After a gap-up open at 14,711 the January month Nifty 50 futures marked an intraday low at 14,692 and then continued to trend upwards. The contract has gained 0.7 per cent in today's session. The near-term stance remains positive as long as the contract trades above 14,690 levels. Traders can make use of intraday dips to buy the contract with a fixed stop-loss at 14,690. A strong rally above the immediate resistance at 14,760 can take the contract higher to 14,785 and then to 14,800 levels. Key supports below 14,690 are placed at 14,650 and then 14,600 levels.

Strategy: Make use of intraday declines to buy with a fixed stop-loss at 14,690

Supports: 14,690 and 14,650

Resistances: 14,760 and 14,785

Published on January 21, 2021

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