Stocks

Nifty Call: Go short if the contract falls below 15,700

Yoganand D | Updated on June 23, 2021

Supports are placed at 15,625 and 15,600 levels

Nifty 50 June (15,723)

After gap up open, the Sensex and the Nifty 50 began to decline and are hovering in the negative territory. Both the benchmark indices are down by 0.18 per cent. The Asian markets are mixed today, the Nikkei 225 is hovering flat at 28,874 whereas the Hang Seng index has jumped 1.86 per cent to 28,837 levels in today's session.

The market breadth of the Nifty 50 is biased towards advances despite the index marginally featuring in the negative territory. The India VIX has gained 3.2 per cent to 15.2 levels. The Nifty mid-cap index is up by 0.5 per cent and small-cap index is trading flat in today's session. Among the sectoral indices, the selling pressure is seen in the Nifty IT and FMCG that are down by 0.7 per cent and 0.3 per cent correspondingly. Top gainers are Nifty Auto and PSU Bank indices that have advanced 0.8 per cent each.

The Nifty June month contract began the session with a gap-up open at 15,792 and registered an intraday high at 15,864 levels. However, the contract has slipped below the key level of 15,800 on the back of selling pressure. Immediate support is at 15,700 levels. A strong fall below this level can pull the contract down to 15,670 and then to 15,650 levels. Next supports are placed at 15,625 and 15,600 levels. On the upside, the contract has vital resistances at 15,760 and 15,800 levels. A strong rally above 15,800 is needed to bring back bullish momentum and take the contract higher to 15,830 and then to 15,850 levels.

Strategy: Go short only if the contract falls below 15,700 levels with a fixed stop-loss

Supports: 15,700 and 15,670

Resistances: 15,760 and 15,800

Published on June 23, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor