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Nifty 50 opened slightly higher today at 22,214 as against yesterday’s close of 22,198. The index has now inched up by nearly 0.15 per cent to 22,230 after the initial hour of trade.
But the advance-decline ratio shows weakness at 22:28. Tata Consumer Products, up 1.4 per cent, is the top gainer. On the other hand, Apollo Hospitals Enterprise, down 1.7 per cent, is the top loser.
Mid- and small-cap indices appear mixed. Among the sectors, Nifty Consumer Durables, up 0.7 per cent, is the best performer, whereas Nifty Realty, down 0.5 per cent, is the top loser.
Nifty 50 futures
The February futures of Nifty 50 opened today’s session at 22,197 versus yesterday’s close of 22,203. It is now trading around 22,220, up 0.1 per cent.
There is resistance nearby at 22,230. A breakout of this can lead to a rally to 22,300. A rally past 22,300 can intensify the upswing, potentially taking Nifty futures to 22,500.
On the other hand, if the contract slips below the nearest support at 22,150, we are likely to see a fall to 22,100 and beyond to 22,000.
As we are nearing the expiry, volatility could increase; traders should tread with caution.
Trading strategy
Stay out for now. Buy Nifty futures with stop-loss at 22,190 if it breaks out to 22,230. Book profits at 22,300. This is an intraday trade recommendation.
Supports: 22,150 and 22,100
Resistance: 22,300 and 22,500
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