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Nifty 50 August futures (9,909) Taking cues from the global markets, which are up as North Korea concerns ease, the domestic benchmark indices, the Nifty and Sensex, started the session with a gap-up opening. Both indices extended their gains by advancing more than 1 per cent, backed by short-covering and buying interest.
The Nifty August futures contract started the session with a gap-up, opening at 9,850 levels. After marking an intra-day low of 9,846, the contract continued its up-move. The advances/ declines ratio in the Nifty 50 index is tilted in favour of advances. As long as the contract trades above the key support level of 9,875, the near-term outlook stays positive.
Traders with a short-term perspective can buy the contract on dips with a stop-loss at 9,870 levels. The contract can test resistances at 9,920 and the 9,940-9,950 band in the near term. Key support below 9,875 is placed at 9,850. A strong slump below 9,850 can bring back selling pressure and pull the contract down to 9,825 and 9,800 levels. In such a scenario, avoid taking fresh long positions.
Strategy: Buy the contract on dips with a fixed stop-loss at 9,870 levels.
Supports: 9,875 and 9,850
Resistances: 9,920 and 9,940
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