Nifty 50 and Sensex are stable within their sideways range. Nifty is trading at 17,033, up 0.47 per cent. Sensex at 57,866 is up 0.46 per cent. The broader 16,800-17,200 range on the Nifty remains intact. If the index manages to sustain above 17,000, a rise to 17,200 – the upper end of the range is possible in the coming sessions.
Global indices
In Asia, Shanghai Composite (3,244) is marginally down by 0.04 per cent. Other major indices are in green.
In the US, the Dow Jones Industrial Average (32,394) was down slightly by 0.12 per cent on Tuesday. The resistance at 32,500 seems to be holding well now. Failure to rise past 32,500 can drag the Dow Jones can fall back to 31,500. For now, the 31,500-32,500 range remains intact.
Nifty 50 Futures
The Nifty 50 March Futures (17,041) is also up around 0.4 per cent. The intraday outlook is positive. The contract can rise to 17,100-17,120 during the day. If it manages to breach 17,120 the upside can extend up to 17,200-17,220.
Supports are at 17,020 and 16,985. A strong break below 16,985 is needed to bring the contract under pressure and see a fall to 16,920-16,900 again.
Trading strategy
Traders with high-risk appetite can go long now. Keep the stop-loss at 17,010. Trail the stop-loss up to 17,065 as soon as the contract moves up to 17,075. Move the stop-loss further up to 17,080 when the contract touches 17,090. Exit the longs at 17,100.
Supports: 17,020, 16,985
Resistances: 17,120, 17,200