Nifty 50 October Futures (19,844)
Nifty 50 and Sensex are gaining momentum. Both the indices opened with a gap-up today and are trading higher by about 0.6 per cent each. Sensex is trading at 66,474, while Nifty is at 19,806.
Nifty rose to 19,800 much faster than expected. It has strong supports at 19,770 and then in the 19,750-19,735 region. As long as the index stays above 19,735, the outlook will remain bullish. Nifty can revisit 20,000 levels in the coming sessions.
Global indices
All Asian major indices are in green. Kospi (2,458) is up over 2.3 per cent, while Hang Seng (17,919) is up over a per cent.
Also read: Bank Nifty prediction today—Oct 11, 2023: Index has good chance to rally
In the US, the Dow Jones Industrial Average (33,739) was up 0.4 per cent on Tuesday. This keeps intact our bullish view for seeing 34,000-34,300 on the upside in the coming days.
Nifty 50 Futures
The Nifty 50 October Futures (19,844) is up 0.54 per cent. Supports are at 19,800 and 19,750. Outlook is bullish. The Nifty 50 October Futures contract can rise to 19,930 in the coming sessions.
The contract will come under pressure only if it breaks below 19,750. That will open the doors for a fall to 19,700 and lower levels again.
Trade Strategy
Wait for dips and go long at 19,820 and 19,805. Keep the stop-loss at 19,770. Trail the stop-loss up to 19,840 as soon as the contract moves up to 19,865 Move the stop-loss further up to 19,890 when the contract touches 19,905 on the upside. Exit the long positions at 19,920.
Supports: 19,800, 19,750
Resistances: 19,930, 20,000