Comments
Nifty 50 October Futures (11,378)
Positive sentiment has led equity markets gain considerable bullish momentum. Asian markets are in the green. The Nifty too opened with a marginal uptick and is currently trading above a critical resistance, indicating bullish bias. The Sensex and the Nifty are up by half a percentage point, so far in today's session.
Out of 50 stocks in the Nifty 50 index, 41 stocks have gained implying a broader rally. The volatility index – India VIX is higher by 2.6 per cent compared to previous close and is at 17.6 levels. All the sectoral indices have gained today. The top gainer is the Nifty realty index, up by 3 per cent in today’s session followed by the Nifty metal index which is up by 1.6 per cent.
The October futures contract of the Nifty 50 index opened at 11,331 against the previous close of 11,311. The contract rallied past a key resistance i.e. the upper limit of the range at 11,362 and is currently trading at 11,378. There seems to be considerable buying interest which could result in further appreciation.
A daily close above 11,362 can be considered as a bullish confirmation which can intensify the rally in the coming days. Hence, traders can initiate long position in dips with stop-loss below 11,300 levels.
Strategy: Buy in dips with stop-loss below 11,300
Supports: 11,362 and 11,328
Resistances: 11,400 and 11,440
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.