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Nifty 50 November Futures (12,246)
Amid mixed Asian markets, the domestic equity indices, Sensex and Nifty 50, started the session on a positive note and continued to trend upwards. The Nikkei 225 has gained 0.90 per cent to 24,325, while the Hang Seng index is hovering marginally in the red, down 16 points to 25,679. The Sensex and the Nifty 50 have climbed more than 1 per cent each so far. The market breadth of the Nifty 50 index is biased towards advances. The volatility index, India VIX, is down 0.6 per cent at 20.8 levels. Buying interest is also witnessed in the Nifty mid- and small-cap indices that have advanced 0.7 per cent and 1 per cent respectively. Top sectoral gainers are Nifty PVT Bank and Nifty Financial Service which have gained 1.8 per cent each. Selling pressure is witnessed in Nifty Pharma and IT sectoral indices.
Following a marginal gap-up open at 12,159, the Nifty 50 November month contract marked an intraday low at 12,135 and bounced up. Continuing the upmove, the contract breached a key resistance at 12,200. The near-term outlook remains positive as long as the contract trades above 12,000 levels. Traders can buy during declines with stop-loss at 12,190. A strong break above the current resistance level of 12,250 can push the contract higher to 12,275 and then to 12,300 levels. Supports below 12,200 are at 12,170 and 12,150.
Strategy: Buy during declines with stop-loss at 12,190.
Supports: 12,200 and 12,170
Resistances: 12,250 and 12,275
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