The Sensex and the Nifty began the session on a positive note amid weak Asian markets. The Nikkei 225 has fallen 0.3 per cent to 23,952 and Hang Seng index has also slipped 0.35 per cent to 27,591 levels in today's session. After a positive start, the domestic equity benchmark indices started to decline witnessing selling pressure at higher levels and are moving sideways. The market breadth of the Nifty is biased towards declines. The India VIX has advanced 1.5 per cent to 13.5 levels. The Nifty mid cap index has slumped 0.5 per cent while Nifty small cap index hovers in the positive territory, climbing 0.24 per cent. The Nifty IT index has surged 1.3 per cent on the back of buying interest. Whereas selling pressure is witnessed in the Nifty FMCG and metal sectors which have fallen 1 per cent and 0.8 per cent respectively.

After a positive opening at 12,152 the Nifty December month contract began to decline experiencing selling pressure at higher levels. It fell below the immediate support level of 12,100 and recorded an intra-day low at 12,088. However, the contract bounced up from this level and test 12,100 levels with a negative bias. Traders can go short on a fall below 12,090 levels with a fixed stop-loss. In that case, the contract can continue to trend downwards and test subsequent supports at 12,070 and 12,050 levels. Key resistances are at 12,130 and 12,150 levels.

Strategy: Go short on a fall below 12,090 levels with a fixed stop-loss

Supports: 12,090 and 12,070

Resistances: 12,130 and 12,150

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