The Indian stock market has been seeing some downward movement recently, with the Nifty 50 index dropping nearly 0.6 per cent in today’s session. The top gainer is Britannia Industries, up 2.6 per cent, while the top loser is Larsen & Toubro (L&T), down 2.8 per cent.
The mid- and small-cap indices are also in the red, with most sectors facing downward pressure. However, Nifty FMCG and Nifty Media are showing some gains.
Looking at Nifty 50 futures, they started the session lower and are currently trading at around 23,640, down about 0.6 per cent. The futures are showing a bearish bias and are expected to decline further. The nearest support is at 23,600, with a potential downside target of 23,000.
A trading strategy suggests shorting Nifty futures at 23,640 with a stop-loss at 23,850. If the contract slips to 23,400, tighten the stop-loss to 23,520 and book profits at 23,200. The resistance levels to watch are at 23,700 and 23,850.
Overall, the market seems to be on a downward trend, and traders may consider shorting Nifty futures with caution. It’s essential to monitor the support and resistance levels closely to make informed trading decisions in the current market environment.
