Nifty 50 December Futures (13,570)
The Sensex and the Nifty 50 started the session slightly in the negative note and subsequently entered into the positive territory. The Asian markets are positive in today’s session. The Nikkei 225 has climbed 0.3 per cent to 26,524 and the Hang Seng index has added 0.68 per cent to reach 26,295 levels.
Both the Sensex and the Nifty 50 have advanced 0.65 per cent each so far. The market breadth of the Nifty 50 is biased towards advances. On the other hand, the India VIX has slumped 2.2 per cent to 21.5 levels. Witnessing buying interest, the Nifty mid- and small-cap indices have jumped 1.7 per cent and 2.2 per cent, respectively. All the sectoral indices are featuring in the positive territory and the top gainers are Nifty realty and media, which have advanced 3.8 per cent and 2.5 per cent, respectively.
The Nifty 50 December month contract started the session slightly in the negative territory at 13,479 against the previous close at 13,487. Following an initial decline to the intraday low of 13,448, the contract began to trend upwards and breached a key resistance at 13,500, which has turned into a significant support now. The near-term stance stays positive as long as the contract trades above the key base level of 13,500; traders can buy with a fixed stop-loss.
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The contract can test an immediate resistance at 13,600. A decisive break above this level can take the contract higher to 13,630 and then to 13,650 levels. Key supports below 13,500 are placed at 13,480 and 13,450. Supports thereafter are at 13,425 and 13,400.
Strategy: Near-term stance stays positive above 13,500. Buy in dips with a fixed stop-loss
Supports: 13,500 and 13,480
Resistances: 13,600 and 13,630