Comments
Nifty 50 January futures (17,881)
The Sensex and Nifty 50 are under pressure. Both the indices are down about 0.3 per cent each. The Sensex is at 59,755, and Nifty at 17,816.
The crucial level to watch on the Nifty will be 17,800-17,750. A sustained break below 17,750 can drag the index down to 17,600 and 17,400 in the short-term. The price action and the closing today are key to determining the direction of move next week.
Global indices
In Asia, barring the Nikkei 225 (26,163, down 1 per cent), the other major indices are in green.
In the US, the Dow Jones Industrial Average (34,189, up 0.64 per cent) has risen well, breaking above 34,000 on Thursday. It looks bullish to test 34,500-34,800 in the coming days.
Nifty 50 futures
The Nifty 50 January futures (17,881) is down 0.23 per cent. A crucial support is at 17,820. If the contract sustains above this support and rises above 17,900 again, the downside pressure would ease, throwing up the possibility of the contract rising to 17,950-18,000 again.
But, if the Nifty 50 January futures contract declines below 17,820, it could see a steeper fall to 17,500.
Trading strategy
Stay out of the market. Wait and watch if the contract sustains above 17,820 at close today. Trades can be accordingly strategised for next week.
Supports: 17,820, 17,500
Resistances: 17,900, 18,000
Comments
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.