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Nifty 50 August Futures (16,355)
The Sensex and the Nifty 50 began the session on a positive note and continued to trend upwards. The Asian markets were weak, the Nikkei 225 is down by 0.2 per cent to 28,015 and Hang Seng index is down almost 1 per cent to 26,403 levels. Both the Sensex and the Nifty 50 have advanced 0.4 per cent each. The market breadth of the Nifty 50 is biased towards advances. The India VIX has fallen 0.6 per cent to 12.6 levels. Both the Nifty mid and small-cap indices have climbed 0.8 per cent an 1.8 per cent respectively. Only Nifty Pharma index is down by 0.8 per cent. All the other sectoral indices are featuring in the positive territory and the top gainers are Nifty Media and IT that have advanced 1.78 per cent and 1.69 per cent respectively.
The Nifty August month contract started with a gap-up open at 16,308. After an initial decline the contract recorded the intra-day low at 16,287 and began to trend upwards. The contract has climbed 0.4 per cent. The near-term outlook is positive for the contract as long as it trades above 16,300 levels. Traders can buy the contract on dips with a stop-loss at 16,290 levels. A strong rally above 16,370 can take the contract higher to 16,400. Next resistances are at 16,430 and 16,450 levels. Key supports below 16,300 are placed at 16,275 and 16,250 levels.
Strategy: Buy in declines with a stop-loss at 16,290 levels
Supports: 16,300 and 16,275
Resistances: 16,375 and 16,400
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