Comments
Nifty 50 opened today’s session with a gap-up at 21,497.65 as against Tuesday’s close of 21,441.35. The index is now at 21,560, up 0.6 per cent.
The market looks bullish and substantiating this sentiment, the advance/decline ratio of Nifty 50 stands at 40/10. Besides, all mid- and small-cap indices have advanced.
Buying seems to be broad-based as all the sectoral indices are in the green. Nifty Metal and Nifty PSU bank index, up 1.2 per cent each, are the top performers today.
Nifty 50 futures
The December futures contract of Nifty 50 opened today’s session higher at 21,510 versus yesterday’s close of 21,472.30. It is now hovering around 21,570, up nearly 0.5 per cent.
The contract is now facing a hurdle at 21,575. But given the bullish momentum, the contract could surpass this level and touch 21,680 today.
But if Nifty futures decline from here, it can find support at 21,460. Immediate support below this level is at 21,350.
Trading strategy
Buy Nifty futures now at around 21,570. Add longs if the contract dips to 21,520. Place stop-loss at 21,480 at first.
When the contract touches 21,650, tighten the stop-loss to 21,580. Book profits at 21,680.
Supports: 21,460 and 21,350
Resistances: 21,575 and 21,680
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.