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Nifty 50 November futures (19,826)
The Sensex and Nifty 50 have recovered well after opening lower. The Sensex is trading marginally higher at 65,985. Nifty is at 19,792, up 0.14 per cent.
The sharp fall in the final trading hours of Thursday is significant. That raises a doubt on the presence of strong sellers near 19,900 on the Nifty. So, the price action today will be very important. If the Nifty fails to rise past 19,900 and closes below 19,800, that could be a sign of weakness. It is a wait-and-watch situation now.
Global indices
In Asia, the Nikkei 225 (33,455) is up marginally by 0.12 per cent. Other major indices are in the red. The Hang Seng (17,445) is down the most by 2.17 per cent. The Shanghai Composite (3,046) and Kospi (2,468) are down 0.16 and 0.8 per cent respectively.
The Dow Jones Industrial Average (34,945), down 0.13 per cent, dropped slightly on Thursday. The overall trend is up. Strong support for the Dow is at 34,500. The index can rise to 35,500 before a reversal is seen.
Nifty 50 futures
The Nifty 50 November futures (19,826) is trading flat now. The immediate outlook is mixed. 19,800-19,900 can be a possible trading range. A breakout on either side of this range will determine whether the contract can go up to 20,000 or fall to 19,750-19,700. We will have to wait and watch.
Trade strategy
Traders can stay out of the market today. See how the index closes for the week. Trades can then be taken accordingly next week.
Supports: 19,800, 19,750
Resistances: 19,900, 20,000
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