Nifty 50, the benchmark index, opened today’s session with a gap-down at 22,857 compared to yesterday’s close of 22,913. The index is currently hovering around 22,800, down 0.4 per cent.
The advance/decline ratio stands at 15/35, a bearish sign. NTPC, up 1.3 per cent, is the top gainer whereas Mahindra & Mahindra is the top loser by depreciating 5 per cent.
Like the benchmark index all mid- and small-cap indices are in the red. Also, barring Nifty Metal, up 0.2 per cent, all other sectoral indices are in the red. Nifty Auto (down 2.5 per cent) and Nifty Pharma (down 1.4 per cent) are the top losers.
Nifty 50 futures
The February futures of Nifty 50 began today’s session lower at 22,880 versus yesterday’s close of 22,943. It is now trading at 22,840, down 0.4 per cent.
The chart shows a bearish bias and so, the likelihood of a fall is high. From the current level, the nearest support is at 22,700.
On the other hand, if Nifty futures recover, it will face a resistance at 22,900 and 22,950. So long as the contract trades below the latter, the bias will be bearish.
Trading strategy
Short Nifty futures at 22,840 with a stop-loss at 22,900. Exit at 22,700.
Supports: 22,700 and 22,600
Resistance: 22,900 and 22,950
- Also read: Stock Market Live Updates 21 February 2025: Sensex, Nifty dip; analysts expect range-bound trade amid lack of triggers
