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Nifty futures (21,850)
Nifty 50 began the final session of 2023 lower at 21,737.65 versus yesterday’s close of 21,778.70. The index is now at 21,700, down 0.35 per cent after the first hour of trade.
The advance/decline ratio of Nifty 50 stands at 15/35, showing the existence of bearish inclination. Nevertheless, the broader trend remains bullish and the decline could be limited.
Like the benchmark Nifty 50, mid- and small-cap indices too are in the red. Besides, barring Nifty Auto and Nifty FMCG, up 0.3 per cent each, all other sectors are in the red.
Nifty PSU Bank and Nifty Oil & Gas, down 0.9 per cent each, are the top losers today. Nifty IT is flat so far today.
Nifty 50 futures
The January futures contract of Nifty 50 opened today’s session with a gap-down at 21,924.95 compared to Thursday’s close of 21,942.30. It is now trading at 21,850, down 0.4 per cent.
Although the intraday bias seems bearish, Nifty futures has support at 21,800 and 21,700. As the overall trend is bullish, the contract could recover anywhere between these two levels.
On the upside, the price band of 21,950 – 22,000 can act as a considerable resistance. While we expect Nifty futures to surpass these levels, it might not occur today.
Trading strategy
For Nifty futures, the intraday sentiment seems bearish but the overall trend is bullish. It is likely that the contract could oscillate in a range today. So, we suggest staying out today.
Supports: 21,800 and 21,700
Resistances: 21,950 and 22,000
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