Stocks

Nifty 50 July Futures (11,459): Near-term outlook is bearish, Sell in rallies

Yoganand DBL Research Bureau | Updated on July 19, 2019 Published on July 19, 2019

 

The equity benchmark indices- the Sensex and the Nifty started the session in positive territory and slipped into negative on the back of selling interest. Both the indices continue to trade in red and are down by 1 per cent. The market breadth of the Nifty index is biased toward declines. But, the India VIX, a volatility index has gained 4.5 per cent to 12.28 levels. The Nifty mid and small-cap indices have slumped 1.5 per cent each in today's session. All the sectoral indices are also trading in the negative territory.

The Nifty July month began the session in green, opening at 11,635 levels. After marking an intra-day high at 11,643 the contract started to decline due to selling pressure and breached key supports at 11,600 and 11,500 levels. The near-term outlook is bearish for the contract. Traders can sell in rallies with a fixed stop-loss. The contract has next key support at 11,450. A decisive fall below this level can drag it lower to 11,425 and 11,400 levels. Subsequent supports below 11,400 are at 11,380 and 11,350 levels. Key resistances are at 11,500 and 11,530 levels.

Strategy: Near-term outlook is bearish. Sell in rallies

Supports: 11,450 and 11,425

Resistances: 11,500 and 11,530

Published on July 19, 2019
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