Nifty 50 January Futures (18,014)

Sensex and Nifty 50 continue to remain volatile. Both indices saw a sharp rise in the initial trades. However, Sensex and Nifty have begun to come-off from their intraday highs now.

Nifty made a high of 18,029 and has come down to 17,988 now. It is up 0.5 per cent for the day now. It has to see a sustained rise above 18,000 to move up towards 18,100-18,150. Failure to rise back above 18,000 again can drag it to 17,950-17,900 again.

Global cues

In Asia, barring the Nikkei 225 (26,151, up 1.27 per cent), other major indices are in red. Hang Seng (21,527), down per cent has been beaten down the most. Kospi (2,384) and Shanghai Composite (3,219) are down in the range of 0.25-0.7 per cent.

The US markets were closed on Monday on account of a public holiday.

Nifty 50 Futures

The Nifty 50 January Futures (18,040) has come off from the high of 18,077. Key intraday support is at 18,000. A break below it can drag it to 17,900 again.

Also read: Stocks to open weak amid FPIs selling

To negate the fall to 17,900, the Nifty 50 January Futures contract will have to sustain above 18,000. In that case, a rise to 18,100-18,150 is possible. It is still a wait-and-watch situation.

Trading Strategy

Considering the volatile swings seen, we prefer to continue to stay out of the market.

Supports: 18,000, 17,950

Resistances: 18,080, 18,150

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