Nifty 50, the benchmark index, opened today’s session slightly higher at 23,927 versus yesterday’s close of 23,914. It has appreciated after opening and is currently at 24,000, up 0.4 per cent.
The advance/decline ratio of Nifty 50 stands at 37/13, a positive indication. Cipla, up 2.1 per cent, is the top gainer whereas Power Grid Corporation of India, down 1.1 per cent, is the top loser.
Like the benchmark index, all mid and small cap indices are in the green. Moreover, among the sectors, almost all have advanced today, led by Nifty Pharma and Nifty Media, up 1.5 and 1.4 per cent, respectively.
Nifty 50 futures
The December futures of Nifty 50 began the session at 24,140 versus yesterday’s close of 24,115. It is now hovering around 24,150.
The contract has a resistance at 24,250. A breakout of this can lift the contract to 24,500. On the other hand, if Nifty futures declines from the current level, it can find support at 24,000. Subsequent support is at 23,600.
As it stands, the direction of intraday trend will depend on which among 24,000 and 24,250 breaches first.
Trading strategy
Stay out for now. Go long with a stop-loss at 24,100 if Nifty futures breaks out of 24,250. Book profits at 24,500.
But if the contract falls below 24,000, initiate short with a stop-loss at 24,200. Liquidate the shorts if the price falls to 23,600.
Supports: 24,000 and 23,600
Resistances: 24,250 and 24,500