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Nifty 50 December Futures (13,729)
BL Research Bureau
Tracking the weak Asian markets, the Sensex and the Nifty 50 began the session in the negative territory. The Nikkei 225 has dropped 0.16 per cent to 26,763 and Hang Seng index has declined 1 per cent to 26,411 levels in today's sessions. The Sensex and the Nifty 50 have fallen about 0.3 per cent each. Market breadth of the Nifty 50 is biased towards declines and the India VIX is hovering almost flat at 19.1 per cent. The Nifty mid and small-cap indices have declined 0.6 per cent and 0.4 per cent respectively. Selling interest is seen in the Nifty PSU Bank and PVT Bank index which have declined 1.6 per cent and 1.3 per cent correspondingly. On the other hand, top sectoral gainers are Nifty IT and Pharma that have jumped 1.7 per cent and 0.8 per cent respectively.
Following a flat open at 13,759, the Nifty 50 futures contract is moving sideways in a narrow range. The contract is hovering in the band between 13,700 and 13,750. Traders should desist trading in the contract as long as it trades within this range. A strong rally above 13,750 can take the contract higher to 13,775 and then to 13,800 levels. But a decisive fall below the base level of 13,700 can pull the contract down to 13,680 and then to 13,650 levels. Next supports are at 13,625 and 13,600 levels.
Strategy: The contract is range-bound between 13,700 and 13,750. Desist from trading for the session
Supports: 13,700 and 13,680
Resistances: 13,750 and 13,775
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