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Nifty 50 October Futures (17,730)
Sensex and Nifty 50 have failed to sustain higher after opening with a gap-up today. Sensex and Nifty 50 have come-off from their day’s high of 59,960 and 17,784 respectively. Sensex is currently trading at 59,812, up 0.52 per cent and Nifty at 17,737, up 0.53 per cent. Nifty has an important support at 17,720-17,700. A break below it can increase the downside pressure and drag it to 17,600. On the other hand, if Nifty manages to sustain above 17,700, it can remain in a narrow range of 17,700-17,800. A strong break above 17,800 will be needed to boost the momentum and take the index up to 18,000 again. The price action in the coming sessions will need a close watch.
Global cues
The Asian major indices are trading mixed. Nikkei 225 (27,402) and Shanghai Composite (2,997) are down 0.1 per cent each while Hang Seng (15,584) and Kospi (2,282) are up over a per cent each.
In the US, the Dow Jones Industrial Average (31,839) has closed on a flat note yesterday. The outlook is bullish for it to test 32,500-32,800 in the coming days
Nifty 50 Futures
The Nifty 50 October Futures (17,730) is up 0.34 per cent for the day now. It has come-off from the high of 17,818. Support is at 17,720-17,700. A break below 17,700 can take the contract down to 17,650-17,630.
On the other hand a bounce from 17,720-17,700 can take the contract up to 17,800 again. A decisive rise past 17,800 is needed to see further higher levels. For now we will have to wait and watch the price action in the 17,720-17,700 region to get a cue on the next move.
Trading Strategy
We suggest traders to stay out of the market for today.
Supports: 17,700, 17,630
Resistances: 17,800, 17,950
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