Comments
Nifty 50 January Futures (10,774)
The key benchmark indices—the Nifty and the Sensex—began the session on a positive note. But it slipped into negative territory for a while and bounced back strongly.
Both the indices currently hover in the positive zone. The market breadth of the Nifty index is biased towards advances.
The India VIX, the volatility index, has slumped 2 per cent to 16.44 levels. Apart from the Nifty IT sector index, all the other sector indices are trading in the positive territory.
The Nifty January futures contract started the session on a positive note, opening at 10,739 levels.
After an initial decline to the intra-day low of 10,678, the contract has bounced back strongly. It has breached a key resistance at 10,750 and continues to trend upwards.
The near-term stance is bullish.
Traders can buy the contract in dips with a stop-loss at 10,730. A decisive break above the key resistances at 10,780 and 10,800 can take the contract higher to 10,825 and then to 10,850 levels in the short term.
Key supports below 10,730 are at 10,700 and 10,675 levels.
Strategy: Buy on dips while maintaining a fixed stop-loss at 10,730 levels.
Supports: 10,750 and 10,730
Resistances: 10,780 and 10,800
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.