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Nifty 50 (19,040) began today’s session slightly lower at 19,064 versus Tuesday’s close of 19,079.60. It then moved a bit lower and is now down 0.2 per cent.
Interestingly, the mid- and small-cap indices seem to be doing well so far today. For instance, Midcap 50 and Smallcap 50 are up 0.2 and 0.7 per cent, respectively. So, as it stands, the mid- and small-cap stocks are drawing investor interest for now.
Among the sectors, Nifty Realty index, up 1.3 per cent, is the top gainer whereas Nifty Media, down 0.5 per cent, is the top loser.
That said, the equity market across Asia appears to be positive. Among the major indices, Nikkei 225 (31,535), ASX 200 (6,840) and KOSPI (2,300) are up between 0.9 and 2.1 per cent. Hang Seng (17,100) is trading flat.
Nifty 50 futures
The November futures contract of Nifty 50 opened today’s session slightly lower at 19,144 versus yesterday’s close of 19,158.20. It is currently trading at 19,130, down 0.2 per cent.
The contract remains below 19,150, exhibiting bearish bias. So, there might be a further drop in price. The nearest support below 19,150 is the price band of 18,960-19,000.
On the other hand, if Nifty futures recover above 19,150, it might go up to 19,280. Resistance above 19,280 is at 19,350.
Short Nifty futures now at 19,130. Add shorts if the price rises to 19,180. Place initial stop-loss at 19,230.
When the contract falls to 19,080, tighten the stop-loss to 19,150. Book profits at 19,000.
Supports: 19,000 and 18,960
Resistance: 19,180 and 19,280
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