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Nifty 50 August Futures (10,109) Taking cues from the US markets, which closed in positive territory, and the Asian markets, the Nifty 50 index and Sensex started the session on a positive note.
The Nikkei 225 and Hang Seng Index are up between 0.4-0.5 per cent in Monday's session. However, the Nifty futures contract started the session on a negative note, opening at 10,099 levels. After marking an intra-day low of 10,088, the contract recorded an intra-day high at 10,119 levels.
It is choppy and moving sideways in a narrow range. That said, the contract trades at a huge premium to the underlying Nifty index, which can correct any time. The market breadth of the Nifty 50 index is biased toward declines.
Traders with a near-term perspective should tread with caution in the coming trading sessions. Consider initiating fresh short positions on a decline below 10,090 levels with a fixed stop-loss. The contract can decline to 10,060 or 10,050 levels. Further decline below 10,050 can find support at 10,030 and 10,000 in the short term. Key resistances are placed at 10,120 and 10,150 levels.
Strategy: Consider going short on a decisive fall below 10,090 levels
Supports: 10,090 and 10,060
Resistances: 10,120 and 10,150
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