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Nifty 50, the benchmark index, opened today’s session flat at 24,274. It scaled a little higher post opening and is currently hovering around 24,320, up 0.2 per cent.
The advance/decline ratio of Nifty 50 stands at 26/22, a positive indication. Adani Enterprises, up 4.1 per cent, is the top gainer whereas Mahindra & Mahindra, down 1.4 per cent, is the top loser.
Like the benchmark index, all mid and small cap indices are in the green. Among the sectors, Nifty Media has gained the most by advancing 1.4 per cent. Nifty IT is the top loser, down 0.9 per cent.
Nifty 50 futures
The November futures of Nifty 50 began the session higher at 24,325 versus yesterday’s close of 24,300. It is now hovering around 24,330, up 0.1 per cent.
There is a resistance coming up at 24,360. A breakout of this can lift the contract to 24,620.
On the other hand, if the contract declines, it can find support at 24,150. A breach of this can drag Nifty futures to 24,000.
As it stands, there is some bullish bias in the price action and so, the chances for a rally are high
Trading strategy
Buy Nifty futures now at 24,330 and accumulate at 24,200. Place stop-loss at 24,150. When the contract touches 24,500, revise the stop-loss to 24,400. Book profits at 24,600.
Supports: 24,150 and 24,000
Resistances: 23,360 and 24,620
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