Nifty 50, the benchmark index, began today’s session with a gap-up at 24,309 versus yesterday’s close of 24,213. It is now trading at 24,350, up 0.5 per cent.

The advance/decline ratio of the benchmark index currently stands at 34/16, showing a bullish bias. Trent, up 3 per cent, is the top performer whereas Titan Company, down 2 per cent, is the top loser.

The mid and the small cap indices are in the green, in line with the benchmark index. Barring Nifty Metal, down 0.3 per cent, all other indices have advanced today, indicating a broad-based buying.

Nifty IT, up 2.6 per cent, and Nifty Realty, up 1.3 per cent, are the top performing sectors so far today.

Nifty 50 futures

The November futures of Nifty 50 began the session at 24,367 versus yesterday’s close of 24,295. It is now hovering around 24,480, up nearly 0.8 per cent.

The contract has rallied past the resistance at 24,250 and also above a trendline barrier at 24,350. This gives a positive inclination, and further rally is likely today.

Nifty futures can touch 24,630 or 24,750 today. On the other hand, if it declines from the current level, it can find support at 24,350 and 24,250. Only a fall below 24,250 can bring back the bearish momentum.

Trading strategy

Buy Nifty futures now at 24,480 and on a dip to 24,350. Place stop-loss at 24,250. When the contract rises to 24,630, revise the stop-loss to 24,550. Exit at 24,750.

Supports: 24,350 and 24,250

Resistance: 24,630 and 24,750

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