BL Research Bureau

Nifty 50 February Futures (12,153)

The Sensex and the Nifty began the session in negative territory, tracking the mixed cues from the Asian markets. After that, the benchmark indices started to trend upwards and currently hovering in the positive territory. The Nikkei 225 is up by 0.34 per cent to 23,479 while Hang Seng index has fallen 0.5 per cent to 27,521 levels in today's session. The Sensex and the Nifty have marginally advanced by 0.13 per cent and 0.15 per cent respectively. The market breadth of the Nifty index is biased towards advances. On the other hand, the India VIX has slumped 3.2 per cent to 13.56 levels, implying a decrease in volatility. The Nifty mid and small-cap indices have advanced 1 per cent and 0.76 per cent correspondingly. Among the sectoral indices, only Nifty FMCG is hovering in the negative territory down by 0.3 per cent. The top gainer is Nifty PSU Bank index, up by 1.7 per cent.

The Nifty February month contract started the session with a gap-down open at 12,102. The index futures took support at 12,100 and commenced to trend upwards. The contract has registered an intra-day high at 12,163 levels. The near-term view stays positive as long as the contract trades above 12,225 levels. Traders can buy the contract with a stop-loss at 12,200 levels. A decisive rally above the next resistance level of 12,175 can take the contract higher to 12,200. Next resistances are at 12,225 and 12,250 levels. Supports below 12,100 are at 12,075 and 12,050 levels.

Strategy: Make use of intra-day dips to buy the contract with a stop-loss at 12,120 levels

Supports: 12,125 and 12,100

Resistances: 12,175 and 12,200