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Nifty 50 November Futures (18,070)
Sensex and Nifty 50 are trading lower today. The indices seem to lack strong follow-through buyers to take them sharply higher. Sensex is down 0.34 per cent and is trading at 60,515. Nifty 50 on the other hand is trading at 18,060 and is down 0.27 per cent.
Nifty has an important support at 18,000. It has to sustain above this support to move up again towards 18,150-18,200 levels. A strong break below 18,000 can drag it to 17,900 and 17,800 again. Sensex on the other hand has an immediate support at 60,500-60,400. A break below 60,400 can drag it to 60,000-59,500 in the coming sessions. Sensex will have to sustain above 60,400 and also rise past 61,000 decisively to gain bullish momentum.
Among the Asian markets, Nikkei 225 (29,790) is trading flat while Kospi (2,994) is down by 0.17 per cent. Shanghai Composite (3,544) and Hang Seng (25,731) are up 0.3 per cent and 1.35 per cent respectively.
In the US, the Dow Jones Industrial Average (36,087) had closed marginally lower on Monday. As mentioned yesterday, the Dow will have to break above 36,250 from here to become bullish for rise to 37,000. Inability to breach 36,250 can keep the Dow under pressure for a fall to 35,500-35,000 in the coming weeks.
Futures
The Nifty 50 November Futures (18,070) contract is trading lower by 0.42 per cent. It has an immediate support at 18,040. A bounce from this support can take the contract up to 18,150-18,200 again. But a break below it can drag it to 17,950-17,900 in the coming sessions.
Traders can go short on a break below 18,040. Stop-loss can be placed at 18,110. Trail the stop-loss down to 17,990 as soon as the contract moves down to 17,960. Move the stop-loss further down to 17,955 as soon as the contract falls to 17,935. Book profits at 17,900.
Strategy
Go short on a break below 18,040 with a stop-loss at 18,110 for the target of 17,900. Trail the stop-loss down to 17,990 as soon as the contract moves down to 17,960. Move the stop-loss further down to 17,955 as soon as the contract falls to 17,935.
Support
18,040 and 17,960
Resistances
18,150 and 18,200
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