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The Sensex and the Nifty 50 have been stuck in a narrow range over the last few sessions. The Sensex is stuck between 59,900 and 60,400 while the Nifty has been oscillating between 17,800 and 17,950. Both look vulnerable for a fall in the near-term. Sensex can fall to 59,500 and Nifty can test 17,600 on the downside in the coming sessions. A strong rise past 60,400 on the Sensex and 17,950 on the Nifty is needed to bring back the bullish momentum.
On the global front, the Dow Jones Industrial Average (34,869.37) closed 0.21 per cent higher yesterday. The Dow must rise past 35,250 decisively to strengthen the bullish momentum and rise further. Else it can fall back again in the coming days.
In other parts of Asia, Nikkei 225 and KOSPI are trading lower by 0.3 per cent and 1 per cent respectively. Shanghai Composite and Hang Seng indices are up 0.5 per cent and 1 per cent respectively.
Futures
The Nifty 50 September Futures (17,805) has been stuck between 17,800 and 17,900 since yesterday. The contract looks vulnerable and can break 17,800 and fall to 17,650 in the coming sessions.
Traders can go short at current levels and on rallies at 17,850. Stop-loss can be placed at 17,880. Trail the stop-loss lower to 17,770 as soon as the contract moves down to 17,750. Move the stop-loss further lower to 17,735 as soon as the contract touches 17,710. Book profits at 17,680.
The range resistance at 17,900 will have to be broken for the contract to rise towards 18,000 and higher levels again.
Strategy
Go short now and on rallies at 17,850 with a stop-loss at 17,880. Trail stop-loss to 17,770 as soon as the market moves down to 17,750 and further lower to 17,735 as soon as the contract touches 17,710. Book profits at 17,680.
Supports
17,740 and 17,650
Resistances
17,900 and 18,000
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