Comments
Nifty 50 and Sensex are trading higher. Both indices opened with a wide gap-up, rising by about 0.45 per cent each. Sensex is trading at 66,480 and Nifty at 19,827.
Nifty can get support at 19,800. Below that, 19,770-19,760 is the next important support. Intermediate resistance is at 19,750. A strong break above it can take Nifty up to 19,920. The index will come under pressure only if it breaks below 19,750. Only then will the likelihood of a fall to 19,700-19,680 come into the picture
Global indices
Asian markets are all in green. Nikkei 225 (32,019.88) and Kospi (2,465) are up 1.1 per cent. Hang Seng (17,763) is up 0.7 per cent and Shanghai Composite (3,081) is up 0.26 per cent.
In the US the Dow Jones Industrial Average (33,984) has risen well on Monday. A strong follow-through rise above 34,000 today will turn it bullish. That can take the Dow Jones up to 34,400-34,500 in the coming days.
Nifty 50 Futures
The Nifty 50 October Futures (19,825) is up 0.42 per cent. Supports are at 19,800 and 19,770. As long as the contract stays above these supports, the bias will remain bullish. A rise to 19,900 is possible.
The intraday outlook will turn negative if the contract declines below 19,770. That will drag the Nifty 50 October Futures contract down to 19,720-19,700.
Trade strategy
Traders can go long at current levels and accumulate on dips at 19,805. Keep the stop-loss at 19,785. Trail the stop-loss up to 19,840 as soon as the contract moves up to 19,855. Move the stop-loss further up to 19,860 as soon as the contract moves up to 19,875. Exit the long positions at 19,885.
Supports: 19,800, 19,770
Resistances: 19,900, 20,000
Comments
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.