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Nifty 50 February Futures (12,135)
Buoyed by the positive cues from the Asian equity markets, the Indian benchmarks are rallying today. Both the Nifty spot and the Sensex spot index have gained about 0.4 per cent so far. The Nikkei index has gained by 2.4 per cent today and the Hang Seng index is up by nearly 2.5 per cent.
The market breadth of the Nifty 50 index is showing a considerable bullish sentiment as the advance-decline ratio stands at 36-14. The mid-cap and the small-cap indices are rallying too. They are up between 0.5 and 0.7 per cent in today’s session.
Barring the Nifty IT index (down by nearly 0.3 per cent), all the sectoral indices are in the green This is led by the Nifty pharma index, up by 1.8 per cent followed by the Nifty PSU bank index, up by 1.6 per cent. The volatility has slightly dropped compared to yesterday as indicated by India VIX – the volatility index. It is down by nearly 2 per cent to 13.9 levels.
The February futures contract of the Nifty index opened flat today at 12,096 versus its previous close of 12,086. But the contract has been gaining since the session open and is currently trading at 12,135. The recent trend has been bullish and thus, the contract will most likely build on to the upward momentum. Hence, one can approach the contract with a bullish bias and go long on declines with a stop-loss at 12,075.
Strategy: Go long on declines with a stop-loss at 12,075
Supports: 12,100 and 12,050
Resistances: 12,200 and 12,245
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