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Nifty 50 July Futures (11,891)
The Sensex and the Nifty began the session on a flat note and slipped in to negative territory. But after witnessing buying interest at lower levels, the key benchmark indices are on a recovery mode and are likely to enter positive territory. The market breadth of the Nifty index is marginally biased towards declines. The India VIX is hovering almost flat at 14.57 levels. The Nifty Pharma and Realty indices have slumped more than 1 per cent in today's session on the back of selling interest. While buying interest is seen in Nifty IT and FMCG indices.
The Nifty July month contract began the session at 11,910. After marking an intra-day high at 11,921 the contract started to decline and slipped below 11,900 levels. However, after recording an intra-day low at 11,840 the contract has recovered from this low and is trading flat. Traders can make use of intra-day dips to buy the contract with a fixed stop-loss at 11,860. A strong rally above 11,920 can take the contract higher to 11,950 and 11,975 levels. Key supports below 11,860 are at 11,840 and 11,820 levels.
Strategy: Buy in declines with a fixed stop-loss at 11,860
Supports : 11,860 and 11,840
Resistances: 11,920 and 11,950
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