Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
BL Research Bureau
Despite equity markets in Asia signaling mixed cues, the Indian benchmark indices opened on the front foot today. While the early riser ASX 200 gained about 0.3 per cent, the Nikkei 225 remains closed today. Among other major indices, the Hang Seng is down by 0.1 per cent and the Shanghai composite index has gained 1.3 per cent.
Against this backdrop, the Nifty 50 and the Sensex opened with a gap-up and is trading higher by 0.3 per cent and 0.2 per cent, respectively.
The market breadth of the Nifty 50 index is hinting a bullish bias as the advance-decline ratio is at 29-21. The volatility has shot-up today as indicated by the volatility index – India VIX – which has gone up by nearly 6 per cent to 20.75.
Following the positive cues of the benchmark indices, the midcap and Smallcap indices have gained between 1 per cent and 2.1 per cent. Among the sectoral indices, the Nifty IT and pharma indices are the best performers, gaining 2.1 per cent each whereas the Nifty financial services index is the top loser, down by 0.6 per cent.
As the underlying Nifty 50 spot index opened with gap-up, the November futures contract began the session with a gain at 12,935. It then registered an intraday high of 12,955. However, it started to descend and is currently trading around 12,920. The price action since past one week show that the contract has been treading a sideways path, oscillating between 12,750 and 12,950. Given this, even as the major trend is bullish, traders can wait and go long if the contract breaks out of 12,950. Stop-loss can be placed at 12,900.
Above 12,950, the contract can rally to 13,000. A breach of this level can take the contract to 13,100. From the current levels, support can be spotted at 12,900 and 12,830.
Strategy: Buy the contract if it breaks out of 12,950
Supports: 12,900 and 12,830
Resistances: 13,000 and 13,100
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