Comments
Nifty 50 November Futures (10,588)
Taking positive cues from the bullish global markets, the Sensex and the Nifty began the session with a wide gap-up open and continued to trend upwards in today's session.
Asian markets gained strongly. Nikkei 225 jumped 556 points or 2.6 per cent to 22,243 and Hang Seng index zoomed 992 points or 3.9 per cent to 26,408.
Domestic benchmark indices continued to trade in the positive territory gaining over 1.5 per cent. The market breadth of the Nifty index is biased towards advances. India VIX slumped almost 5 per cent to 18.24 levels.
Overall, the near-term outlook looks bullish for the benchmark indices. Nifty futures contract started the session with a wide gap-up open at 10,490. After an initial dip to intra-day low of 10,478, the contract resumed its up-move and breached the key resistance at 10,500.
The contract registered an intra-day high of 10,612 and continued to trade on a strong note. The near-term outlook is bullish. Traders can make use of intra-day declines to buy the contract while maintaining a fixed stop-loss at 10,540 levels.
A strong rally above 10,600 can take the contract higher to 10,630 and 10,650 levels. Next key resistances are at 10,680 and 10,700 levels. On the other hand, key supports below 10,550 are placed at 10,525 and 10,500 levels.
Strategy: Near-term stance is bullish. Buy in declines with a stop-loss at 10,540 levels.
Supports: 10,550 and 10,500
Resistances: 10,600 and 10,630
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.