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The Sensex and the Nifty began the session in negative territory, taking bearish cues from the Asian markets and turned volatile. Witnessing selling pressure at higher levels, the benchmark indices started to decline and are hovering in the negative territory with a bearish bias. The Nikkei 225 is down by 0.26 per cent to 23,331 and Hang Seng index has slumped 2.8 per cent to 26,864 in today's session. The Nifty and the Sensex are down by 0.3 per cent. The market breadth of the Nifty is biased towards declines.
The Nifty November month contract started the session with a gap-down open at 11,908. After marking an intra-day high at 11,931 the contract continued to trend down and breached a key support at 11,900. It recorded an intra-day low at 11,866 levels. The contract currently tests the key support at 11,900. A strong fall below this level will be the cue for initiating fresh short positions with a fixed stop-loss. The contract can test next supports at 11,870 and then 11,850 levels. On the other hand, key resistances are at 11,930 and 11,950 levels.
Strategy: The contract tests a key support at 11,900. Go short on a strong fall below this level with a fixed stop-loss.
Supports: 11,870 and 11,850
Resistances: 11,930 and 11,950
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