Markets

Nifty 50 August Futures (11,215): Sensex, Nifty 50 commence session with a gap-up

Yoganand D | Updated on August 06, 2020 Published on August 06, 2020

Sensex and Nifty 50 advanced 0.75 per cent each

 

Nifty 50 August Futures (11,215)

Both the Sensex and Nifty 50 commenced the session with a gap-up open despite weak Asian markets. The Nikkei 225 is down by 0.4 per cent to 22,418 and Hang Seng index has slumped 1.2 per cent to 24,787 levels in today’s session. The local benchmark indices continue to trend upwards in positive territory. The Sensex and Nifty 50 advanced 0.75 per cent each. The market breadth of the Nifty 50 is biased towards advanced. The India VIX has slipped 1.4 per cent to 23.2 levels. Both Nifty mid and the small-cap indices have climbed 0.7 per cent and 0.6 per cent, respectively. Apart from the Nifty Auto index, all other sectoral indices are hovering in the positive territory. The top gainers are Nifty pharma and realty indices, which have advanced 1.2 per cent and 1.5 per cent, respectively.

The Nifty 50 August month contract began the session on a positive note, opening at 11,140. After recording an intra-day low at 11,120, the contract resumed the up-move. It has marked an intra-day high at 11,216 and currently above the resistance at 11,200. A decisive breach of this level has strengthened the bullish momentum that can take the contract higher to 11,270 and then to 11,300. On the downside, the key supports are at 11,200 and 11,150. Traders can make use of intra-day dips to buy the contract with a stop-loss at 11,180. Selling pressure will intensify only on a conclusive fall below 11,100 levels. Supports below this level are at 11,070 and 11,050.

Strategy: Buy on dips with a stop-loss at 11,180 levels

Supports: 11,200 and 11,170

Resistances: 11,250 and 11,275

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 06, 2020
This article is closed for comments.
Please Email the Editor