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Nifty futures (21,460)
Nifty 50 opened today’s session considerably lower at 21,414.20 versus yesterday’s close of 21,571.95. The index is now trading around 21,430, down 0.7 per cent.
Substantiating the bearish bias, the advance/decline ratio of Nifty 50 stands at 14/36. In line with the benchmark indices, all mid- and small-cap indices are trading in the red so far today.
Also, all the sectors are down. Nifty Media and Nifty Metal down 1.6 per cent each, are the top losers.
Nifty 50 futures
The January futures contract of Nifty 50 opened today’s session lower at 21,461.95 compared to yesterday’s close of 21,589.55. The contract is now hovering around 21,460, down 0.6 per cent.
Although there are signs of a recovery from the current level, there is a strong hurdle at 21,550. Subsequent resistance is at 21,630.
But if Nifty futures fall from the current level, 21,300 is a support. A breach of this can trigger another leg of fall, probably to 21,200.
Trading strategy
The price action shows that there could be price swings on both sides today. This increases the risk for intraday positions. Hence, we suggest staying out.
Supports: 21,300 and 21,200
Resistances: 21,550 and 21,630
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