Comments
Nifty 50 November Futures (19,790)
Nifty 50 has begun the week on a weak note. The index is now trading at 19,707, down 0.12 per cent. It has been struggling to get a sustained rise above 19,800 over the last couple of trading days. Intraday charts suggest that a fall to 19,650-19,600 is likely in the coming sessions.
Global indices
In Asia, barring the Nikkei 225 (33,406), down 0.54 per cent, other major indices are in green. Hang Seng (17,717) is up 1.5 per cent. Kospi (2,494) and Shanghai Composite (3,070) are up 0.95 and 0.52 per cent respectively.
The Dow Jones Industrial Average (34,947.28) remained stable on Friday and closed on a mixed note. Broadly the index is looking bullish. It can rise to 35,500-35,750 and then reverse lower.
Nifty 50 futures
The Nifty 50 November Futures (19,790) is marginally down by 0.08 per cent. Resistance for the contract is at 19,850. A sustained break above 19,850 is needed for the Nifty 50 November Futures contract to move up to 19,950-20,000.
The price action on the chart indicates that a fall to 19,680-19,650 can be seen first before the contract reverses higher again.
Trade strategy
Traders with a high-risk appetite can go short now. Accumulate on a rise at 19,830. Keep a stop-loss at 19,865. Trail the stop-loss down to 19,760 as soon as the contract moves down to 19,780. Move the stop-loss further lower to 19,720 when the contract falls to 19,745. Exit the short positions at 19,690.
Supports: 19,650, 19,600
Resistances: 19,850, 19,900
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.