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Nifty 50 October Futures (10,322)
Taking bearish cues from the US markets and mixed cues from the Asian stocks, the Nifty and Sensex started the session in a negative territory.
The Nikkei 225 was up by 32 points at 21,739, while the Hang Seng index slipped 86 points to trade at 28,216 levels.
The Nifty October futures contract started the derivative expiry session in the negative at 10,279. After recording an intra-day low of 10,267, the contract began to trend higher witnessing short-covering.
The contract managed to breach the immediate resistance level of 10,300 and marked an intra-day high of 10,319. The market breadth is biased toward advances.
Traders with a near-term perspective can buy the contract in dips with a stop-loss at 10,290 levels. The contract tests resistance at around 10,320. A strong rally beyond 10,320 can take the contract higher to 10,340 and 10,350 levels. Key supports to note are at 10,300 and 10,270 levels.
Strategy : Go long in declines
Supports : 10,300 and 10,270
Resistances : 10,340 and 10,350
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