Nifty 50 October Futures (25,372)
Nifty 50 is attempting to recover after a sharp fall on Thursday. The index has risen back after making an intraday low of 25,094 at the opening trades. It touched a high of 25,294 and has come down from there. Nifty is currently trading at 25,190, down 0.23 per cent. The advances/declines ratio is at 23:27. This is negative.
Nifty 50 outlook
Nifty (25,190) has resistance near 25,300 which is holding well. The reversal from the intraday high of 25,294 indicates the presence of strong sellers at higher levels. That leaves the chances high of the Nifty to see a fall to 25,000 today.
The region around 25,000 is a strong support which can have the potential to halt the current corrective fall. A bounce a from around 25,000 can take the Nifty up to 25,400-25,500 next week.
Nifty 50 Futures
The Nifty 50 October Futures (25,372) is down about 0.4 per cent. The contract has come down from the high of 25,479.90. Resistance is around 25,500 which is holding well for now.
The intraday outlook is negative. Nifty 50 October Futures contract can fall to 25,250-25,200. The region around 25,200 is a strong support. We can expect the Nifty 50 Futures contract to reverse higher from around 25,200 and rise back to 25,500 and higher.
Trade Strategy
Traders can go short now at 25,372. Add more shorts on a rise at 25,440. Keep the stop-loss at 25,515. Trail the stop-loss down to 25,340 as soon as the contract falls to 25,305. Move the stop-loss further down to 25,280 when the contract falls to 25,255. Exit the short positions at 25,200.
Supports: 25,250, 25,200
Resistances: 25,500, 25,700
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.