Stocks

Nifty Call: Use intraday dips to buy with stop-loss at 15,790

Yoganand D | Updated on June 24, 2021

Key supports are placed at 15,770 and 15,735 levels

Nifty 50 June Futures (15,831)

The Sensex and the Nifty 50 began the session with a gap up despite weak Asian markets. The Nikkei 225 is hovering flat at 28,875 and Hang Seng index is also flat trading flat at 28,836 in today's session. The domestic benchmark indices - the Sensex and the Nifty 50 have climbed 0.7 per cent and 0.6 per cent respectively. Market breadth of the Nifty 50 is biased towards advances. The India VIX has fallen 1.2 per cent to 15.1 levels. The Nifty mid and small-cap indices are mixed today. Among the sectoral indices, the Nifty IT is the top gainer that has jumped 2.4 per cent followed by Nifty metal and bank that have rallied 0.7 per cent each.

The Nifty June month contract began the expiry session with a gap-up open at 15,768. It marked an intraday low at 15,735 and began to trend upwards. The contract has surpassed a key barrier at 15,800 levels. As long as the contract trades above this level the near-term view will remain positive. Traders can buy the contract with a stop-loss at 15,790 levels. A strong rally above 15,840 can take it higher to 15,860 and then to 15,900 levels. Key supports below 15,800 are placed at 15,770 and 15,735 levels.

Strategy: Make use of intraday dips to buy with a stop-loss at 15,790 levels

Supports: 15,800 and 15,770

Resistances: 15,840 and 15,860

BL Research Bureau

Published on June 24, 2021

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