BL Research Bureau

Nifty 50 September Futures (11,600)

The Nifty 50 index seems to be sluggish in today’s session. Initially, it moved up marginally higher but there was no follow-through rally. The price is gradually declining, and it indicates that there might be some profit booking which may drag the index lower. For the day, Nifty is down by 0.2 per cent, and so is the scenario with the Sensex which is trading lower by 0.15 per cent. However, Asian peers are positive today where Nikkei has gained 0.2 per cent and Hang Seng is trading higher by 0.75 per cent.

Out of all stocks in the Nifty 50 index, number of losers are higher as 30 stocks are declining while 20 stocks are in the green. The volatility index – India VIX is flat at 16.8 levels. Among sectoral indices, the top gainer is Nifty IT index with a gain of 1.6 per cent and top losers are Nifty Realty index and Nifty PSU bank indices which have lost 1.6 per cent each.

The September expiry contract of Nifty 50 index opened today’s session at 11,632 versus yesterday’s close of 11,607. The contract, after registering an intraday high of 11,660 has been declining and is currently hovering around 11,600 after bouncing off a support at 11,560 levels. After high intensity bullish trend in past two trading session, the contract will most likely undergo a correction. So, traders with intraday perspective can sell on rallies with stop loss above 11,660.

Strategy: Sell on rallies with stop loss above 11,660

Supports: 11,560 and 11,500

Resistances: 11,660 and 11,680

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