Sensex and Nifty 50 are retaining their bullish momentum, up by about 0.2 per cent each. Sensex is trading at 65,845 and Nifty at 19,723.
Nifty is holding high after breaking above 19,600. This leaves the outlook bullish for the Nifty to see 19,800-19,850 in the coming sessions.
Global indices
All Asian major indices are trading in red. Hang Seng (17,781) is down the most, by 1.65 per cent. Nikkei 225 (33,320) and Shanghai Composite (3,053) are down about 0.6 per cent each. Kospi (2,484) is trading flat.
The Dow Jones Industrial Average (34,991) has been moving up over the last few days. The outlook remains bullish. Dow Jones can rise to 35,500 in the short term.
Nifty 50 futures
The Nifty 50 November Futures (19,775) is up 0.27 per cent. The outlook is bullish and the contract can rise to 19,850-19,900 in the coming sessions.
Support is at 19,700. Below that, 19,650 and 19,600 are the next important supports. We can expect the contract to sustain above 19,700.
Trade strategy
Go long now. Accumulate on dips at 19,735. Keep the stop-loss at 19,680. Trail the stop-loss up to 19,790 as soon as the contract moves up to 19,810. Move the stop-loss further up to 19,840 when the contract touches 19,860. Exit the long positions at 19,880.
Supports: 19,700, 19,650
Resistances: 19,850, 19,900.