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Nifty 50 February Futures (15,238)
The Sensex and the Nifty 50 began the session on a positive note and continued to trend upwards. Both the benchmark indices have climbed 0.7 per cent. Asian markets are positive in today's session, the Nikkei 225 has advanced 0.4 per cent to 29,505 and Hang Seng index is up marginally by 0.2 per cent to 29,378 levels. Witnessing buying interest, about 41 stocks have advanced in the Nifty 50 basket while the 9 stocks have declined. India VIX – the volatility index – has fallen 1.1 per cent to 23.6 levels. Both the Nifty mid and small-cap indices are up by 0.35 per cent each. Among the sectoral indices, the Nifty media and auto are the top losers that have fallen 1.5 per cent and 0.9 per cent respectively. Top gainers are Nifty PSU Bank and Nifty Bank indices that have advanced 1.7 per cent and 0.95 per cent correspondingly.
The February contract started the session with a gap-up open at 15,153. After an initial slip to mark an intraday low of 15,133 the contract continued to trend upwards and has breached the resistance at 15,200 levels. The intraday high is recorded at 15,244. The futures contract is trading with a minor premium of 3 points against the underlying Nifty 50 index. Traders should tread with caution and initiate fresh long positions with a fixed stop-loss at 15,160 levels. A rally above the immediate resistance level of 15,240 can take the contract to 15,250 and 15,275 or 12,300 levels. Key supports are at 15,200 and 15,160. A strong fall below these two supports can pull the contract down to 15,135 and then to 15,100 levels. Next supports below 15,100 are at 15,075 and 15,040 levels.
Strategy: Go long on dips with a stiff stop-loss at 15,160 levels
Supports: 15,160 and 15,135
Resistances: 15,250 and 15,275
BL Research Bureau
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