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Nifty 50 November Futures (12,625) Taking cues from the positive Asian markets, the Sensex and Nifty 50 began session with a gap-up open. The Nikkei 225 index gained 1.8 per cent to 25,349 and Hang Seng index is marginally hovering in the positive territory, gaining 0.2 per cent to 26,341 levels. After a positive start, the domestic benchmark indices - Sensex and Nifty 50 - started to decline from the intraday high, witnessing profit booking and selling interest at higher levels. Both the indices have erased their intraday gains. However, the market breadth of the Nifty 50 is biased towards advances. The India VIX is up by 0.6 per cent to 21.71 levels.
Experiencing selling interest, the Nifty PSU Bank and PVT Bank indices have slumped 1.2 per cent each. On the other hand, the Nifty Pharma index has jumped 3.3 per cent. The Nifty 50 November month contract began the session with a gap-up open at 12,692. After marking intraday high at 12,764 the contract started the decline on the back of profit booking and selling interest. The contract breached a key support at 12,650 and marked an intraday low at 12,579. Go short if the contract declines below 12,600 with a fixed stop-loss. The contract can test supports at 12,550 and 12,500 levels. Key resistances above 12,650 are at 12,675 and 12,700.
Strategy: Go short on a fall below 12,600 with a fixed stop-loss.
Supports: 12,600 and 12,550
Resistances: 12,650 and 12,675
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