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Nifty 50 October Futures (10,988)
Taking cues from the bearish global markets, the domestic benchmark indices − the Sensex and the Nifty – started the session in the negative territory. The Nikkei 225 slipped 153 points or 0.6 per cent to 24,117 and Hang Seng index fell 118 points or 0.4 per cent to 27,007.
Both the Sensex and the Nifty commenced the session with a gap-down opening and continue to trade in the negative zone. However, the benchmark indices are witnessing buying interest at lower levels and recovery is on the cards.
Nifty October futures contract began the session with a gap-down opening at 11,011. After marking an intra-day high at 11,017, the contract began to decline, breaching the key support at 11,000.
Nevertheless, the contract found support, marking an intra-day low at 10,931, and has bounced up. The volatility index, the India VIX, surged 4.5 per cent to 17.60 levels.
Traders with a near-term perspective can initiate fresh long positions on a strong rally above 11,000 levels with a fixed stop-loss. The contract can extend its corrective intra-day rally to 11,030 and 11,050 levels. Key resistance above 11,050 are at 11,075 and 11,100. Key supports are at 10,950 and 10,930 levels.
Strategy : The contract is on a recovery mode from its intra-day low. Buy above 11,000 levels with a fixed stop-loss at 10,990 levels.
Supports : 10,950 and 10,930
Resistances: 11,000 and 11,030
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