Nifty 50, the benchmark index, opened today’s session lower at 24,604 versus yesterday’s close of 24,642. It is now at 24,635.

The advance/decline ratio of Nifty 50 stands at 17/33, a bearish indication. Tech Mahindra, up 2.1 per cent, is the top gainer whereas Apollo Hospitals, down 1.3 per cent, is the top loser.

In line with the benchmark index, all mid and small cap indices are in the red.

Among the very few sectors that have gained so far today, Nifty IT tops the chart by advancing 1.4 per cent. Nifty Media and Nifty Oil & Gas, down 0.4 per cent, are the top losers.

Nifty 50 futures

The December futures of Nifty 50 began the session at 24,722 versus yesterday’s close of 24,735. It is now hovering around 24,720.

Although there are bearish indications today, the price action shows that the trend is slowly shifting up. From the current level, Nifty futures can rally to 25,000 soon.

In case there is a decline from the current level, the contract can find support at 24,600. A breach of this can turn the outlook weak where the price can decline to 24,500 and then possibly to 24,400.

Trading strategy

We had suggested long positions with an average buying price at 24,655. Retain this trade and maintain the stop-loss at 24,580. When the contract rises to 24,830, revise the stop-loss to 24,720.

Tighten the stop-loss to 24,860 when the contract hits 24,920. Book profits at 24,970.

Supports: 24,600 and 24,500

Resistance: 25,000 and 25,250