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Indian benchmark indices – Nifty 50 (17,840) and Sensex (60,685) – have begun the day on a positive note. Currently, both the indices are up by 0.7 per cent each.
The market breadth of the Nifty 50 is showing a bullish bias as the advance/decline ratio is at 36/14. Like the benchmarks, all the mid-and small-cap indices are in the green. Among the sectors, Nifty Metal is the top gainer, up by 1.7 per cent followed by Nifty IT, up by 1.4 per cent. On the other hand, Nifty Realty is the top loser, down by 0.7 per cent.
Nifty 50 futures
The February futures of the Nifty 50 index opened higher at 17,802 versus yesterday’s close of 17,782. It rallied post the open and is now hovering near the resistance at 17,900.
If this level is breached, we can see a quick up move to 18,000 – the nearest hurdle. Subsequent resistance is at 18,180.
If the bears come back and drag the contract, it can find support at 17,800. Next support is at 17,700.
Trading strategy
Although the signs are bullish, the Nifty futures is now trading near a resistance. Traders can wait and go long if 17,900 is breached. Place stop-loss at 17,840 for this trade. Book profits at 18,000.
Supports: 17,800 and 17,700
Resistance: 18,000 and 18,180
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