Comments
Nifty 50 November Futures (10,728)
Taking positive cues from Asian markets, the Nifty and Sensex started the session with a gap-up open. The Nikkei 225 surged 224 points or 1 per cent to 22,177 and Hang Seng index advanced 345 points or 1.3 per cent to 26,677 levels.
Domestic benchmark indices gained 0.6-0.8 per cent.The Nifty futures contract opened on a positive note at 10,699. The contract surpassed a key resistance at 10,700 and extended its up-move to record an intra-day high of 10,747.
The near-term outlook will remain positive as long as the contract trades above 10,700 levels. India VIX, volatility index, declined 2 per cent to 17.91 levels. The contract can extend its upmove and test resistance at 10,750 levels. A decisive break above this level can strengthen the upmove and take the contract higher to 10,775 and 10,800.
Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 10,695 levels. But a decisive plunge below can drag the contract down to 10,680 and 10,650 levels.
Strategy: Near-term stance is bullish. Buy in dips with a stop-loss at 10,695
Supports: 10,700 and 10,680
Resistances: 10,745 and 10,775
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.