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Nifty 50 November Futures (12,408)
Taking cues from the positive Asian markets, the domestic equity benchmark indices - Sensex and Nifty 50- commenced the session with a gap-up open and have gained about one per cent each. The Nikkei 225 has jumped 514 points or two per cent to 24,839 and Hang Seng index has advanced 322 points or 1.25 per cent to 26,035 levels in today's session.
The Nifty 50 index has registered a new lifetime high at 12,451 levels in today's session. The market breadth of the Nifty 50 index is biased towards advances. On the other hand, the India VIX has climbed 2.5 per cent to 21 levels indicating increase in volatility. Both, Nifty mid and small-cap indices have climbed 0.3 per cent and 0.1 per cent respectively. The Nifty PVT Bank is the top sectoral gainer which has climbed 2 per cent. Selling interest is seen in the Nifty media and pharma that are marginally hovering in the negative territory.
The November month contract started the session with a gap-up open at 12,393 and registered an intraday high at 12,453 levels. The near term outlook stays positive as long as the contract trades above 12,350 levels. Traders can make use of intraday dips to buy with a stop-loss at 12,350 levels. A decisive rally above 12,425 can take the contract higher to retest resistance at 12,450. Next resistances are at 12,475 and 12,500 levels. Supports below 12,350 are at 12,330 and 12,300.
Strategy: Buy in declines with a stop-loss at 12,350
Supports: 12,350 and 12,330
Resistances: 12,425 and 12,450
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