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The Sensex and the Nifty started the session on a positive note and continued to trend up. The Asian markets are showing mixed cues; the Nikkei 225 has slumped 0.9 per cent to 20,932 levels while the Hang Seng index has surged 0.75 per cent to 27,430 levels.
The market breadth of the Nifty index is biased towards advances. The India VIX is hovering flat at 14.67 levels. The Nifty Mid cap and small cap indices have advanced 0.3 per cent each in today's session.
The Nifty June month contract began the session on a flat note, opening at 11,701 levels. Following an initial decline, the contract recorded an intra-day low at 11,678 and started to trend upwards. It has marked an intra-day high at 11,739 levels. Traders with a near-term view can make use of intra-day dips to buy the contract while maintaining a stop-loss at 11,700. A strong rally above 11,740 can take the contract higher to 11,760 and 11,775 levels. Next key resistance is at 11,800. On the downside, an emphatic fall below 11,700 will bring back selling pressure and pull the contract down to 11,675 and 11,650 levels. In such a scenario, avoid taking fresh long positions.
Strategy: Buy in declines with a fixed stop-loss at 11,700 levels
Supports: 11,700 and 11,675
Resistances: 11,740 and 11,760
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