The Indian benchmark indices are trading marginally lower. Nifty 50 is trading a 15,695, down 0.39 per cent. On the other hand, Sensex is down 0.26 per cent and is trading at 52,788. The broader bias is negative. But before seeing a fresh fall, there could be chances of consolidation. We suggest traders remain on the market’s sell side rather than buying on dips. Nifty has resistance at 15,750, 15,800 and 15,900. Support is at 15,600. A decisive break below it can drag it to 15,500 initially. A further break below 15,500 will take the index down to 15,400 and 15,200.

In Asia, the major indices are trading mixed. Nikkei 225 (26,054) and Shanghai Composite (3,392) are up in the range of 0.15-0.45 per cent. Hang Seng (21,730) and Kospi (2,281) are down in the range of 0.6-1 per cent.

The US markets are closed today.

Futures: The Nifty 50 July (15,684) Futures is down 0.45 per cent. Immediate resistance at 15,710 and then at 15,800. From a big picture, the upside is likely to be capped at 15,800 in case if the contract manages to break above rise above 15,710. Support is at 15,600. A break below it can drag the contract down to 15,500 and 15,400 in the coming sessions.

Traders can wait for a rise and go short at 15,730 and 15,780. Stop-loss can be kept at 15,820. Trail the stop-loss down to 15,710 as soon as the contract falls to 15,670. Move the stop-loss further down to 15,680 as soon as the contract falls to 15,640. Book profits at 15,610.

The outlook will turn bullish only if the contract breaks above 15,800 decisively. Such a break can take the Nifty 50 July Futures contract up to 16,000 thereafter.

Supports: 15,600 and 15,500

Resistances: 15,710 and 15,800

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