Comments
Nifty 50 December Futures (12,277)
The Sensex and the Nifty commenced the session marginally on positive note and subsequently turned choppy. The Asian markets are trading flat; the Nikkei 225 has fallen 0.2 per cent to 23,816 while Hang Seng index is hovering flat at 27,808 levels in today's session. Both the Sensex and the Nifty are moving sideways and are range-bound. The market breadth of the Nifty is biased towards advances. The India VIX has surged 2 per cent to 12.37 levels. Buying interest is seen in the Nifty PSU Bank index and Nifty media which have gained 2.4 per cent and 1.7 per cent respectively. The Nifty IT and Pharma indices are almost trading flat in red.
The Nifty December month futures contract started the session on flat note, opening at 12,270. It has been moving sideways in the band between 12,255 and 12,290. A break-out of this range on either side will provide further direction for the contract. A positive break above 12,290 can push the contract higher to 12,300 and then to 12,325 levels. On the other hand, a slump below 12,255 can drag the contract down to 12,230 and then to 12,210 levels. As the index futures is trading marginally in discount to the spot price, trader should remain caution.
Strategy: The index futures is range-bound. Tread with caution.
Supports: 12,255 and 12,230
Resistances: 12,300 and 12,325
Comments
COMMENT NOW
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.