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Nifty 50 January Futures (10,862)
Taking cues from the bullish global markets, the Sensex and the Nifty began the session with a gap up open. The Dow Jones and S&P 500 gained 1 per cent each in the last session.
The Nikkei 225 climbed 1.1 per cent to 20,427 levels and the Hang Seng index jumped 2.4 per cent to 26,503 levels in today's session. The market breadth of the Nifty index is biased towards advances.
The India VIX, volatility index has slumped 2.4 per cent to 15.31 levels. The Nifty January month futures contract began the session on a positive note with a gap-up open at 10,892 levels. But, testing a key resistance at 10,900 the contract started to decline due to selling interest.
Therefore, traders with a near-term view should tread with caution as long as the contract tests resistance at 10,900 levels. A strong rally above 10,900 will strengthen the up-move and take the contract higher to 10,925 and then to 10,950 levels. Key supports at 10,850 and 10,830 can provide base. Only a decisive fall below 10,830 will strengthen the selling pressure and drag the contract down to 10,800.
Strategy : The contract tests a key resistance. Tread with caution
Supports : 10,850 and 10,830
Resistances : 10,900 and 10,930
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