Nifty call: Desist from trading in the session

Nifty 50 January futures (14,144) The Nifty 50 and the Sensex started the session on a negative note, opening with a gap-down amid mixed Asian markets. The Nikkei 225 has fallen 0.37 per cent to 27,158, while the Hang Seng index has climbed 0.67 per cent to 27,657 levels in today's session.

After an initial decline, the domestic benchmark indices - the Sensex and the Nifty 50 - began to trend upwards and have recovered from their intra-day lows. Both the indices are currently trading flat. The market breadth of the Nifty 50 is biased towards declines. Amid a flat market, there has been an increase in volatility as the India VIX has jumped 2.5 per cent to 20.5 levels. The Nifty mid and small-cap indices are also trading flat in positive territory. The sectoral indices are mixed; the top gainers are te Nifty IT and Nifty private bank sectors, that have gained 1.6 per cent and 0.48 per cent respectively. Selling interest is seen in the Nifty metal and PSU Bank indices that have tumbled 1.8 per cent and 0.97 per cent correspondingly.

The Nifty 50 January month contract commenced the session with a gap-down open at 14,110. After marking an intra-day low at 14,077, the contract recovered and marked an intra-day high at 14,183 levels. In the afternoon session, the contract is range-bound between 14,110 and 14,160. Traders should tread with caution. Key resistances above 14,160 are at 14,180 and 14,200 levels. Supports below 14,110 are placed at 14,080 and 14,050 levels.

Strategy: The contract is range-bound. Desist from trading for the session.

Supports: 14,100 and 14,080

Resistances: 14,160 and 14,180