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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Nifty 50 October Futures (11,846)
After some initial volatility, the Sensex and the Nifty started to trend up on the back of buying interest and have gained 0.5 per cent each. The market breadth of the Nifty index is biased towards advances. However, both the benchmark indices are testing a key resistance at current levels. The Nifty mid and Nifty small-cap indices have advanced 0.6 per cent and 0.5 per cent respectively.
The Nifty October month contract started the session with a gap-up opening at 11,854. But the contract was choppy and marked an intra-day low at 11,785. Taking support at this level the contract continued to trend up, breaching a key level at 11,800 levels and recorded an intra-day high at 11,863.
The near-term outlook remains positive as long as the contract trades above 11,800 levels. Traders with a near-term perspective can buy the contract in dips with a stop-loss at 11,800. A strong rally above the immediate resistance level of 11,860 can take it higher to 11,880 and 11,900 levels. Supports below 11,800 are placed at 11,780 and 11,750 levels.
Strategy: The near-term outlook stays positive above 11,800 levels; buy with a fixed stop-loss
Supports: 11,800 and 11,780
Resistances: 11,860 and 11,880
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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