Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Tracking the positive Asian market, the Sensex and the Nifty 50 began the session with a gap-up open. The Nikkei 225 index is up marginally by 0.2 per cent to 22,920 and Hang Seng index has jumped 1.2 per cent to 25,099 levels. Both the domestic benchmark indices have advanced 0.8 per cent each. The market breadth of the Nifty 50 is biased towards advances. On the other hand, the India VIX has slumped 3.8 per cent to 19.8 levels. In line with the benchmark indices, the Nifty mid- and small-cap indices have gained 0.8 per cent and 1.2 per cent respectively. Selling interest is seen in the Nifty media sectoral index that has slumped 1.5 per cent. Top sectoral gainers are Nifty PSU and Nifty Financial Service that have advanced 2.2 per cent and 1.3 per cent correspondingly.
The August month Nifty 50 futures contract started the session with a gap-up open at 11,394. After an initial decline, the contract recorded an intra-day low at 11,361 and recovered. The near-term outlook will remain bullish as long as the contract trades above 11,350 levels. Traders can make use of intra-day dips to buy the contract with a stop-loss at 11,345 levels. A decisive rally above the immediate resistance level of 11,415 can take the contract higher to 11,430 and then to 11,450 levels. Key supports below 11,350 levels are at 11,325 and 11,300 levels.
Strategy: Buy in declines with a stop-loss at 11,345 levels
Supports: 11,350 and 11,325
Resistances: 11,415 and 11,430
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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