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Nifty 50 December Futures (18,746)
Sensex and Nifty 50 are trading lower by 0.37 per cent each. Nifty is at 18,634 and Sensex is trading at 62,603. However, supports are there for both the indices limiting the downside. Nifty has a good support at 18,600 and then at 18,500. For Sensex, the supports area at 62,350 and 62,000.
Nifty has risen back well from the low of 18,579, indicating support at 18,600 is holding well and drawing fresh buyers. This leaves the chances high for the Nifty to rise towards 18,700-18,720 during the day. A decisive break above 18,720 will pave the way for a fresh rise to 18,800.
Global cues
In Asia, barring Nikkei 225 (27,902.29, up 0.29 per cent), other major indices are in the red. Hang Seng (19,299) down 1.12 per cent, has been beaten down the most.
In the US, the Dow Jones Industrial Average (33,947,10) tumbled 1.4 per cent yesterday. It has closed just below 34,000 and has chances to test 33,500 on the downside. However, a further fall below 33,500 is less likely. We expect the Dow to sustain above 33,500 and oscillate in a range of 33,500-35,000 for some time.
Nifty 50 Futures
The Nifty 50 December Futures (18,746) is down 0.38 per cent today. The contract fell to a low of 18,682 in the initial trades and has risen back well from there. The immediate outlook is unclear. There are equal chances to either see a rise to 18,800 or fall back again towards 18,700-18,680 from here. So, need wait and watch the price action for a few sessions to get clarity on the next move.
Trading Strategy
Stay out of the market.
Supports: 18,680, 18,600
Resistances: 18,800, 18,850
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