Sensex and Nifty 50 have come off their intraday highs and are trading flat. Nifty is up 0.08 per cent and trading at 18,364. Sensex, at 61,738, is marginally down by 0.1 per cent. Nifty has come off a high of 18,399. The level of 18,400 is an important immediate resistance. A strong break above it will trigger a rise to 18,480-18,500 in the near term. Support is in the 18,325-18,300 region. As long as the Nifty trades above 18,300, the bias is bullish. That will keep chances high for Nifty to break above 18,400 and rise to 18,480-18,500.

Global cues

In Asia, Nikkei 225 (28,038) is down 0.8 per cent and Kospi (2,482) is flat. Shanghai Composite (3,103) is up 0.5 per cent while the Hang Seng (17,785) has surged 2.7 per cent.

In the US, the Dow Jones Industrial Average (33,747.86) has closed on a flat note on Friday. The overall picture is bullish. The index can rise to 35,000 in the coming weeks.

Nifty 50 Futures

The Nifty 50 November Futures (18,406) is down marginally by 0.1 per cent. Support is at 18,365. Resistance is at 18,465. A break above 18,465 can take the contract up to 18,600. The bias is positive for the Nifty contract to sustain above 18,365 and break above 18,465. So, intraday dips can be used to go long.

But if it declines below 18,365, a test of 18,300 and even lower is possible.

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Trading strategy

Make use of dips and go long at 18,375. Keep the stop-loss at 18,310. Trail the stop-loss up to 18,395 as soon as the contract moves up to 18,415. Move the stop-loss further up to 18,445 when the contract touches 18,460 on the upside. Book profits at 18,520.

Supports: 18,365, 18,330

Resistances: 18,465, 18,600.

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