Stocks

Nifty Call: Buy on dips with fixed stop-loss at 15,820

Yoganand D | Updated on July 23, 2021

Key supports below 15,800 are place at 15,870 and 15,850 levels

Nifty 50 July Futures (15,864)

The Sensex and Nifty 50 began the session on a positive note and turned volatile. Thereafter, the benchmark indices started to trend upwards. The Sensex and Nifty 50 climbed 0.3 per cent each. The market breadth of the Nifty 50 is biased towards advances. The India VIX fell 1.6 per cent indicating decrease in volatility. The Nifty mid and smallcap indices are mixed, the former advanced 0.3 per cent and the latter fell 0.3 per cent. The Nifty media and PSU Bank indices declined 0.67 and 0.3 per cent, respectively. The sectoral gainers-- Nifty FMCG and Nifty Bank advanced 0.78 per cent and 0.67 per cent correspondingly.

The Nifty July month contract commenced the session on a positive note, opening with a gap-up at 15,850. After an initial decline to the intraday low at 15,763 the contract reversed higher and surpassed a key resistance at 15,800. The near-term stance stays positive as long as the contract trades above 15,800 levels. Make use of intraday dips to buy the contract with a stop-loss at 15,820 levels. A strong rally above the 15,875 can take the contract higher to 15,900. A further rally above the vital barrier at 15,900 can take the contract northwards to 15,925 and then to 15,950 levels. Key supports below 15,800 are place at 15,870 and 15,850 levels.

Strategy: Buy on dips with a fixed stop-loss at 15,820 levels

Supports: 15,830 and 15,800

Resistances: 15,875 and 15,900

Published on July 23, 2021

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