Comments
Nifty 50 September Futures (8,805)
Bellwether indices the Nifty and Sensex slumped in early trading hours and continued to hover in the negative territory due to profit-booking in key sectors such as banking, software and consumer durables.
Moreover, investors turned alert on weak Asian markets ahead of Fed and Bank of Japan policy meetings.
The Nifty futures contract started the session on a negative note. It opened at 8,806, and recorded an intraday high at 8,820 and low at 8,786 levels.
The advances/declines ratio is biased towards declines signalling more stocks are witnessing selling interest. The near-term stance is negatively biased.
Traders with a near-term perspective can make use of intraday rallies to initiate fresh short positions while maintaining a stop-loss at 8,830 levels.
A decisive fall below the immediate support at 8,800 can pull the contract down to 8,780 and then to 8,750 levels. Significant resistances are at 8,830 and 8,850 levels. Next resistance is at 8,875 levels.
Strategy : Go short in rallies with a stop-loss at 8,830
Supports : 8,800 and 8,780
Resistances : 8,830 and 8,850
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.