Nifty 50 November Futures (24,270)

Nifty 50 is managing to sustain above 24,000. However, the index is not getting fresh and strong follow-through buyers to move higher. The index is currently trading at 24,182, up 0.18 per cent. The advances/declines ratio is at 22:28. This is not very positive. Since the bias is inclined towards selling, the chances are high for the Nifty to fall back during the day.

Nifty 50 Outlook

Nifty has support around 24,000. Resistance is around 24,350-24,400. So, broadly, 24,000-24,400 can be the trading range. We will have to wait for a breakout on either side of this range to get clarity.

A break above 24,400 will be bullish. Such a break can take the index up to 24,500 and higher. On the other hand, a break below 24,000 will be bearish to see 23,800 on the downside.

Nifty 50 Futures

The Nifty 50 November Futures (24,270) is up 0.18 per cent. The contract has support at 24,150-24,100. Resistance is in the 24,450-24,500 region.

So, 24,100-24,500 can be the broad trading range for now. A breakout on either side of this range will decide the next move.

A break below 24,100 will be bearish for a fall to 23,900. A break above 24,500 will be bullish to see a rise to 24,600-24,700 and higher.

Trade Strategy

Since the market is likely to be range bound, we suggest traders to stay out of the market.

Supports: 24,100 and 23,900

Resistances: 24,500 and 24,600

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