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Nifty 50 August Futures (16,474)
The Sensex and the Nifty 50 began the session with a gap-up open and continued to trend upwards despite weak Asian markets. The Nikkei 225 has fallen marginally by 0.14 per cent to 27,977 and Hang Seng index has declined 0.9 per cent to 26,282 levels in today's session. On the back of good buying interest, the Sensex and the Nifty 50 have advanced 0.7 per cent each. The Nifty mid and small-cap indices almost remain flat. Volatility index- India VIX has jumped 4.7 per cent to 12.9 levels, indicating increase in volatility. The market breadth of the Nifty 50 is biased towards advances. Among the sectoral indices, the Nifty IT has gained 1.1 per cent, followed by Nifty FMCG index that have climbed 0.9 per cent. Selling pressure is seen in the Nifty realty, media, metal and pharma indices that have declined in the range of 0.2-0.5 per cent.
The Nifty August month contract commenced the session with a gap-up open at 16,365. After marking an intraday low at 16,360 the contract started to trend upwards and has breached a key resistance at 16,400. The near-term outlook continues to be bullish. Traders can buy the contract with a stop-loss at 16,425 levels. A rally above the immediate resistance at 16,480 can take the contract higher to 16,500. Next resistances are placed at 16,525 and 16,550. Vital supports below 16,430 are placed at 16,400 and 16,665 levels.
Strategy: Buy in dips with a stop-loss at 16,425 levels
Supports: 16,430 and 16,400
Resistances: 16,480 and 16,500
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