Nifty 50, the benchmark index, opened today’s session almost flat at 23,542 versus yesterday’s close of 23,559. The index is now hovering around 23,610, up 0.2 per cent.
The advance/decline ratio of Nifty 50 stands at 25/25. Eicher Motors, up 7.7 per cent, is the top gainer whereas Britannia Industries, down 1.4 per cent, is the top loser.
The mid and the small cap indices are in the green. Barring Nifty FMCG, down 0.5 per cent, all other sectoral indices have gained.
Nifty Media and Nifty Realty, up 2.1 and 1.5 per cent, are the top gainers.
Nifty 50 futures
The November futures of Nifty 50 began the session at 23,649 versus yesterday’s close of 23,658. It is now hovering around 23,690, up 0.2 per cent.
Although there are some bullish signs, the broader trend remains bearish. Also, the contract is now below some key levels, giving it a bearish inclination.
A rally from here is likely to be capped at 23,850, a resistance. Subsequent resistance is at 24,000.
In case the downtrend resumes, Nifty futures can drop to 23,500 and then possibly to 23,400.
Trading strategy
Stay on the fence and go short if Nifty futures rises to 23,850. Target and stop-loss can be 23,500 and 24,000 respectively.
Supports: 23,500 and 23,400
Resistance: 23,850 and 24,000