Nifty Call: Buy on declines with a stop-loss at 11,645 levels

Yoganand D | Updated on July 17, 2019 Published on July 17, 2019

Nifty 50 July Futures (11,679)

Following a flat start the Sensex and the Nifty began to trend upwards witnessing buying interest. The Asian markets are marginally trading in negative territory. The Sensex and the Nifty have advanced about 0.3 per cent each. The India VIX is slightly down by 0.23 per cent to 11.53 levels. The Nifty Next 50 has gained 0.45 per cent to 27,488 levels.

Nifty July month contract began the session in negative territory, opening at 11,648 and recorded an intra-day low at 11,643. But the contract bounced up and trended higher to mark an intra-day high at 11,693 levels. The near-term stance will remain positive as long as the contract trades above 11,650 levels. Traders can make use of intra-day dips to buy the contract with a fixed stop-loss at 11,645 levels. The contract can test resistance at 11,700. A break above 11,700 can take the contract northwards to 11,730 and 11,750 levels. On the other hand, a strong fall below 11,650 will bring back selling interest and drag the contract down to 11,625 and 11,600 levels.

Strategy: Consider buying in declines with a stop-loss at 11,645 levels

Supports: 11,650 and 11,625

Resistances: 11,700 and 11.730

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Published on July 17, 2019
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