Nifty 50, the benchmark index, opened today’s session almost flat at 24,141 against Friday’s close of 24,131. After opening, it has advanced a little and is now trading at 24,160, up by a marginal 0.1 per cent.

The advance/decline ratio of Nifty 50 stands at 30/20, a positive indication. UltraTech Cement, up 2.8 per cent, is the top gainer whereas HDFC Life Insurance Company, down 1.6 per cent, is the top loser.

In line with the benchmark index, all mid and small cap indices are in the green.

Among the sectors, Nifty Realty and Nifty Consumer Durables are the top gainers by appreciating 1.7 and 1.3 per cent, respectively. On the other hand, Nifty Private Bank and Nifty PSU Bank, down 0.4 per cent each, are the laggards so far today.

Nifty 50 futures

The December futures of Nifty 50 began the session at 24,300 versus Friday’s close of 24,304. It is now hovering around 24,340, up 0.1 per cent.

Early indications are that Nifty futures can rally from the current level. But there is a resistance at 24,360. If this level is breached, we can see a rally to 24,500, which can extend to 24,750.

On the other hand, if the contract slips from the current market price, it can find support at 24,160 and 24,080. A breach of 24,080 can possibly lead to a fall to 23,700.

Trading strategy

Stay out for now. Go long for intraday with a stop-loss at 24,290 if Nifty futures breaks out of 24,360. Book profits at 24,500.

Supports: 24,160 and 24,080

Resistance: 24,360 and 24,500

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