Nifty 50 November Futures (11,906)
The Sensex and the Nifty began the session in negative territory and continued to decline after an initial up-move. Both the indices have fallen about 0.6 per cent each. The global markets are showing mixed cues. The market breadth of the Nifty index is biased towards declines. On the other hand, the India VIX has gained 3.5 per cent to 15.5 levels. The Nifty mid and small-cap indices are also witnessing selling pressure and have declined 0.5 per cent and 0.1 per cent. Among the sectoral indices, the Nifty IT index has slumped 2 per cent and the Nifty Bank has slumped 0.6 per cent. Nifty Media and Metal indices are the only gainers, advancing 1.9 per cent and 0.5 per cent respectively.
The November month Nifty futures contract started the session on flat note at 11,973. After marking an intra-day high at 11,977 the contract began the decline due to selling pressure and profit taking. The contract recorded an intra-day low at 11,884 and tests a key level at 11,900. Traders can make use of intra-day rallies to go short with a stop-loss at 11,950 levels. A decisive fall below 11,900 can test supports at 11,875 and 11,850 levels. Key resistances above 11,950 are at 11,974 and 12,000 levels.
Strategy: Sell in rallies with a stop-loss at 11,950 levels.
Supports: 11,875 and 11,850
Resistances: 11,950 and 11,974
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.