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Both the Sensex and the Nifty began the session with a minor gap-up open taking cues from the positive global markets and started to move sideways. The Asian markets are mixed, the Nikkei 225 is up by 0.7 per cent to 21,759 while Hang Seng index has fallen 0.17 per cent to 27,112 in today's session. The market breadth of the Nifty index is biased towards declines. On the other hand, the India VIX has slumped 3.8 per cent to 14.7 levels. Buying interest is seen in Nifty small cap index which has gained almost 1 per cent. Nifty Auto and IT indices are experiencing selling pressure and have slumped 1 per cent and 0.7 per cent respectively.
The Nifty September month contract started the session in green with a minor gap-up open at 11,077. After marking an intra-day high at 11,098 the contract began to decline witnessing selling interest at higher levels. Also, the key resistance at 11,100 is capping the upside. The contract has recorded an intra-day low at 11,031. It is trading range-bound between 11,030 and 11,080.
Traders should tread with caution as long as the contract is range-bound. An emphatic break above 11,100 will strength the up-move and can take the contract higher to 11,125 and 11,150 levels. Supports below 11,030 are at 11,010 and 11,000.
Strategy: The contract is range-bound. Tread with caution
Supports: 11,030 and 11,010
Resistances: 11,100 and 11,125
Yoganand D
BL Research Bureau
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