Nifty 50 opened with a wide gap-up today and is trading higher. The index is trading at 19,770, up 0.39 per cent. It is essential to see if the Nifty can breach the 19,800-19,850 resistance in the coming sessions, as only that can strengthen the bullish momentum to take the Nifty up to 20,000. Else the index will remain in the 19,600-19,650 range for a while.
Asian equities are all in green. Kospi (2,516) and Hang Seng (17,955) are up 1 per cent each. Shanghai Composite (3,082) and Nikkei 225 (33,421) are up 0.46 and 0.1 per cent, respectively.
The Dow Jones Industrial Average (35,151) has risen well above 35,000. The bullish outlook is intact. The index can rise to 35,500-35,750 before reversing.
Nifty 50 Futures
The Nifty 50 November Futures (19,829) is up 0.4 per cent. Support is in the 19,780-19,800 region. Immediate resistance is at 19,850. A break above 19,850 can take the contract up to 19,930 in the coming sessions.
The contract must sustain above 19,780 to remain bullish and break above 19,850. A fall below 19,780 can take the contract down to 19,730-19,700 again.
Wait for dips. Go long at 19,810 and 19,790. Keep the stop-loss at 19,765. Trail the stop-loss up to 19,835 as soon as the contract moves up to 19,855. Move the stop-loss further up to 19,860 when the contract touches 19,875. Exit the long positions at 19,890.
Supports: 19,780, 19,700
Resistances: 19,850, 19,930