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Nifty 50 November Futures (19,863)
The Nifty 50 is trading higher. However, the struggle to get a sustained rise above 19,850 still remains. The index is trading around 19,803 now and is up 0.1 per cent. We reiterate that a sustained rise above 19,850 is needed for the Nifty to move up towards 20,000 levels. Until then the 19,600-19,850 range can continue to remain intact.
Global indices
Asian markets are mixed. The Nikkei 225 (34,447) is up 0.28 per cent. Kospi (2,510) and Hang Seng (17,720) are flat, and Shanghai Composite (3,059) is down about 0.3 per cent.
The Dow Jones Industrial Average (35,088) was down 0.18 per cent on Tuesday. The index has strong support around 34,800. As long as it trades above 34,800, the outlook is bullish to see a rise to 35,500-35,750 in the coming days.
Nifty 50 Futures
The Nifty 50 November futures (19,863) is up 0.12 per cent. The contract has been stuck in between 19,800 and 19,900. A strong break above 19,900 is needed to get a rise towards 20,000-20,100.
On the other hand, a break below 19,800 can drag it down to 19,750-19,730 during the day.
Trade strategy
Go longy on a break above 19,900. Keep a tight stop-loss at 19,875. Trail the stop-loss up to 19,920 as soon as the contract moves up to 19,940. Move the stop-loss further up to 19,955 when the contract touches 19,965. Exit the long positions at 19,980.
Supports: 19,800, 19,750
Resistances: 19,900, 20,000
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