Nifty 50 November futures (24,275)
Nifty 50 is trading stable. The index is trading at 24,169, marginally down by 0.1 per cent. The advances/declines ratio is at 27:23. This keeps the bias mixed and the index can go either way from here.
Nifty 50 outlook
Nifty (24,169) has a cluster of resistance in the 24,300-24,400 region. A strong rise above 24400 is needed to get some breather. Only then the sentiment will turn positive, and the Nifty can go up to 24,550-24,600.
As long as the index trades below 24,400, the bias will remain negative for a fall to 24,000 and even lower.
Nifty 50 futures
The Nifty 50 November futures (24,275) is down 0.1 per cent. It has resistance at 24,400 and support at 24,150. So, for now the contract can oscillate within this 24,150-24,400 range. A breakout on either side of this range will then determine the next leg of move. So we will have to wait and watch.
A break below 24,150 will be bearish to see 23,900 and lower. On the other hand, a break above 24,400 will be bullish. It will then open the doors to see 24,600 on the upside.
Trading strategy
Since the immediate outlook is mixed, we suggest traders to stay out of the market today.
Supports: 24,150, 24,000
Resistances: 24,400, 24,600