Comments
Nifty 50 October Futures (11,953)
The Sensex and the Nifty 50 began the session with a gap-up open and continues to trade in a sideways range. The Asian markets are marginally trading in the positive territory, the Nikkei 225 is up by 0.18 per cent to 23,516, and Hang Seng index is also up by 0.2 per cent to 24,834 levels in today's session. The domestic equity indices- the Sensex and the Nifty 50 have climbed 0.5 per cent each. The market breadth of the Nifty 50 is biased towards advances. The India VIX has slumped 2 per cent to 22.1 level, indicating a decline in volatility. Both the Nifty mid and small-cap indices have advanced about 0.75 per cent each. Bearing the Nifty realty index, all the other sectoral indices are trading in the positive territory. The Nifty auto and media are the top gainers that have surged 2 per cent and 1.1 per cent respectively.
The Nifty 50 October month contract commenced the session with a gap-up open at 11,934. The contract marked an intra-day low at 11,907 recently and continued to trend upwards. The near-term stance will remain positive as long as the contract trades above 11,900 levels. Traders can buy on declines with a stop-loss at 11,920. A decisive rally above the immediate resistance level of 11,970 can take the contract higher to 12,000. A further rally above this barrier can push the contract higher to 12,025 and then to 12,050 levels. Key supports below 11,900 are at 11,880 and 11,850 levels.
Strategy : Buy on declines with a stop-loss at 11,920 levels
Supports : 11,925 and 11,900
Resistances : 11,970 and 12,000
BL Research Bureau
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.