Nifty 50 December Futures (13,754)
BL Research Bureau
After flat start, the domestic equity benchmark indices- the Sensex and the Nifty 50 - have begun to trend upwards and have climbed about 0.3 per cent each so far. The Asian markets are marginally trading higher, the Nikkei 225 is up 0.2 per cent to 26,806 and Hang Seng index has rallied 0.35 per cent to 26,553 levels in today's sessions. The market breadth of the Nifty 50 index is biased towards advances. The India VIX index is marginally hovering in the negative territory, down by 0.2 per cent to 19.15. Notably, the Nifty mid and small-cap indices have outpaced the bellwether Nifty 50 in today's session i.e. they have gained 0.6 per cent and 0.74 per cent respectively. The top sectoral gainers are Nifty Pharma and realty that have jumped 1 per cent each so far. Selling interest is seen in the Nifty metal and FMCG sectors.
The Nifty 50 December month contract began the session on a positive note, opening at 13,710. Following an initial dip, the contract marked an intraday low at 13,686 and bounced up. The near-term stance stays positive as long as the contract trades above the key base level of 13,700.Traders can buy on dips with a fixed stop-loss. A rally above the immediate resistance level of 13,760 can take it higher to 13,780 and 13,800 levels. But a decisive fall below the base level of 13,700 can drag the contract down to 13,675 and then to 13,650 levels.
Strategy: Outlook stays positive above 13,700; buy on dips with a fixed stop-loss
Supports: 13,700 and 13,675
Resistances: 13,760 and 13,780