Technical Analysis

Nifty Call: Buy with stop-loss at 11,440

Akhil Nallamuthu BL Research Bureau | Updated on October 17, 2019 Published on October 17, 2019

Nifty 50 October Futures (11,510)

The Nifty opened flat for today’s session and has moved past the critical level of 11,500. Currently it is trading higher by 0.35 per cent whereas the Sensex is up by 0.5 per. US market closed with a marginal downtick overnight and the Asian peers are giving mixed signs since morning.

Looking at the market breadth of the Nifty 50 index, the gainers and losers are almost equally split where 27 stocks have advanced and the remaining 23 stocks have declined. India VIX, the Indian volatility index is at 15.9 levels, down by considerable 2.8 per cent. Among sectoral indices, the Nifty media is the top gainer as it has gained by a percentage point and the Nifty metal index is the top loser declining 1.2 per cent.

The October futures contract of the Nifty 50 index is marginally trading above the key level of 11,500 after opening the day at 11,480 against the previous close of 11,475. The contract seems to be bullish and it will most likely appreciate in today’s session. Hence, traders can initiate long positions in dips with stop loss at 11,440.

Strategy: Buy in dips with stop-loss at 11,440.

Supports: 11,440 and 11,425

Resistances: 11,525 and 11,566

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Published on October 17, 2019
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