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Nifty 50 November Futures (12,000)
The Nifty is currently hovering around the psychological level of 12,000. After a gap up opening, the index inched down and has been consolidating since the morning. The Sensex, too, is following a similar price pattern. Major Asian indices are flat, and the US benchmarks closed yesterday’s session without major changes.
The advances-declines ratio of the Nifty 50 index is at 21-29 i.e. 29 out of the 50 stocks are in a decline, indicating a bearish bias, and the volatility index – India VIX – is marginally up at 15.8 levels today. Among the sectoral indices, the Nifty realty index is the top gainer, up by 0.9 per cent and the Nifty PSU index is the top loser, down by 0.9 per cent.
The November futures of the Nifty 50 index opened higher at 12,029, against the previous close of 12,008. The contract is traversing across the important level 0f 12,000. Though the price action looks sluggish, it seems to be biased on the upside; also, it has not witnessed a sell-off at current levels. Hence, traders are recommended to be cautiously bullish and initiate long positions with tight stop-loss.
Strategy: Initiate longs with tight stop-loss
Supports: 11,966 and 11,930
Resistances: 12,050 and 12,100
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