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Nifty 50 July Futures (15,807)
Tracking the positive global cues, the domestic benchmark indices, the Sensex and Nifty 50 began the session in green with a gap-open and continued to trend upwards. The Sensex and the Nifty have advanced 1.12 per cent and 1.15 per cent respectively. Among the Asian markets, the Hang Seng index has surged 1.6 per cent to 27,667 and CSI 300 index is up marginally by 0.15 per cent to 5,151 levels. The market breadth of the Nifty 50 is biased towards advances. The India VIX has tumbled 6.7 per cent to 12.3 levels. Both the Nifty mid and small-cap indices have gained more than 1 per cent each. All the sectoral indices are featuring in the positive territory. Top gainers are Nifty metal index which has surged 2.5 per cent followed by Nifty realty has climbed 2 per cent.
The July month Nifty futures contract began the session with a gap-up open at 15,700 and started to trend upwards. Intraday low is also at 15,700. The contract surpassed the key level of 15,800 and marked an intraday high at 15,828 levels. Currently the contract tests resistance at 15,800. Immediate support is at 15,775. Traders can make use of intraday dips to buy the contract while maintaining a fixed stop-loss at 15,760 levels. A strong rally above the resistance level of 15,820 can take the contract northwards to 15,850 and then to 15,880 levels. Key supports below 15,775 are placed at 15,750 and 15720 levels. Vital support thereafter is pegged at 15,700 levels.
Strategy: Make use of intraday dips to buy the contract with a stop-loss at 15,760 levels
Supports: 15,775 and 15,750
Resistances: 15,820 and 15,850
BL Research Bureau
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