Nifty 50, the benchmark index, opened today’s session almost flat at 23,638 versus yesterday’s close of 23,645. It is currently hovering around 23,720, up 0.3 per cent.

Apollo Hospitals Enterprises, up 1.5 per cent, is the top gainer whereas Baja Auto, down 1.8 per cent, is the top loser.

All the mid- and small-cap indices are in the green. Among the sectors, Nifty Media, up 1.1 per cent, is the top performer. Nifty Realty is the top loser by losing 0.6 per cent.

Nifty 50 futures

The January futures of Nifty 50, unlike the underlying, began the session much lower at 23,500 versus yesterday’s close of 23,806. It is now trading around 23,850, up 0.3 per cent.

While the contract has been gaining well so far today, it has strong resistance levels at 23,850 and 23,920. So, we cannot reject the possibility of Nifty futures resuming the fall within this price region.

If the downtrend resumes, Nifty futures can decline to 23,500.

But if the contract breaks out of 23,920, it can rally to 24,050 and then to 24,125, which are the notable resistance levels.

Trading strategy

Buy Nifty futures if it breaks out of 23,920. Target and stop-loss for intraday can be 24,125 and 23,850 respectively.

Supports: 23,600 and 23,500

Resistance: 24,050 and 24,125