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Nifty futures (20,090)
Nifty 50 opened today’s session marginally lower at 22,080.50 versus yesterday’s close of 22,097.45. The index is now hovering around 22,080, down 0.1 per cent.
All mid- and small-cap indices are in the green despite the benchmark index facing some downward pressure in the first hour of trade.
Among the sectors, Nifty PSU bank index, up 1 per cent, is the top gainer whereas Nifty IT, down 0.9 per cent, is the top loser.
Nifty 50 futures
The January futures contract of Nifty 50 opened today’s session lower at 22,089.90 as against yesterday’s close of 22,133.30. The contract is now hovering around 22,090, down 0.2 per cent.
Though the contract is marginally down today, the broader trend is bullish. So, expect Nifty futures to recover from the current level of 22,090 or after a dip to 22,000.
On the upside, Nifty futures shows potential to hit 22,300 or even 22,500 in the near-term.
From the current level of 22,090, the nearest support is at 22,000. Subsequent support is at 21,920.
Trading strategy
Buy Nifty futures now at 22,090 and add longs in case it dips to 22,090. Place stop-loss at 21,920. When the contract touches 22,200, tighten the stop-loss to 22,080. Exit at 22,300.
Supports: 22,000 and 21,920
Resistances: 22,300 and 22,500
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