Nifty 50 November futures (10,469) The Nifty as well as the Sensex started the session with a gap-up and have been maintaining the bullish momentum at record highs, backed by strong gains in PSU bank stocks. Also, the Asian markets are trading in positive territory, with good gains.
The Nikkei 225 has added 408 or 1.86 per cent, and trades at 22,420 levels and the Hang Seng Index has climbed 253 points or 0.9 per cent to 28,499 levels.
The Nifty November contract also began the session with a gap-up at 10,402 levels, which was also today’s intra-day low. The contract extended its rally and has marked an intra-day high of 10,480. With the bullish momentum intact, the contract advanced 1 per cent in today's session.
There could be minor intra-day dips. Traders with a near-term view can make use of the dips to buy the contract, while maintaining a stop-loss at 10,440 levels. Key supports are at 10,450 and 10,425. Resumption of the uptrend can take the contract higher to 10,480 and 10,500 levels. A conclusive rally beyond 10,500 can push the contract northwards to 10,550 in the short term. Key supports below 10,425 are at 10,400 and 10,370 levels.
Strategy: Make use of intra-day dips to go long with a fixed stop-loss at 10,440 levels.
Supports: 10,450 and 10,425
Resistances: 10,480 and 10,500