The Nifty call: Nifty 50 July Futures (15,850)

Akhil Nallamuthu BL Research Bureau | Updated on July 14, 2021

Go long in July Nifty futures with stop-loss at 15,800

The Indian benchmark indices opened on a flat note and are trading slightly higher compared to Tuesday’s close. Both the Nifty 50 and the Sensex are currently up by one-tenth of a per cent each and are at 15,835 and 52,840, respectively.

This is despite the major Asian equity indices being negative – the Nikkei 225 lost nearly 0.4 per cent and the Hang Seng is down by about 0.5 per cent.

In line with the flattish trend since morning, the market breadth of the Nifty index is equally split i.e., the advance-decline ratio is now at 25-25. But notably, the mid-cap and small-cap indices seem to outperform the benchmarks so far — the Midcap 50 is up 0.2 per cent whereas the Smallcap 50 is up by about 0.9 per cent.

Among the sectoral indices, the Nifty IT is the top gainer, up by 2.3 per cent followed by the Nifty Media index, up by 0.4 per cent. On the other hand, the Nifty Realty is the top loser, down by 0.7 per cent followed by the Nifty PSU bank index, down by nearly 0.4 per cent.

Futures: The July series Nifty 50 futures opened today’s session lower at 15,805 versus yesterday’s close of 15,833. However, after declining and marking an intra-day low of 15,777, the contract began to recover and is currently hovering around 15,850. The price action is bullish, and the likelihood of the futures rally today is high.

Traders can go long in July Nifty futures with stop-loss at 15,800. On the upside, the nearest resistances are at 15,900 and 15,950. But in case if the contract falls, it can find support at 15,800 and 15,760.

Strategy: Buy with stop-loss at 15,800

Supports: 15,800 and 15,750

Resistances: 15,900 and 15,950

Published on July 14, 2021

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