Technical Analysis

Nifty 50 June Futures (15,660)

Yoganand D | Updated on June 09, 2021

The Nifty June contract is now below the key base level of 15,700

BL Research Bureau

 

The Sensex and the Nifty 50 started the session on flat note, but after an initial dip the benchmark indices began to trend upwards. With marginal gain of 0.25 per cent the benchmark indices are range-bound. The Nikkei 225 index is down by 0.35 per cent to 28,660 and Hang Seng index is also marginally down by 0.14 per cent to 28,740 levels in today's session.

The market breadth of the Nifty 50 is biased towards declines. Although there is decrease in volatility as the India VIX has fallen 1.7 per cent to 14.9 levels. While the Nifty mid-cap is flat, small-cap index have lost 0.35 per cent.. Baring Nifty IT sector index which is slightly trading in the positive territory, all the other sectoral indices are featuring in the negative territory. The top losers are Nifty media and auto index that has dipped 0.85 and 0.75 per cent.

The Nifty June month contract began the session in the positive note, opening at 15,778. Following an initial decline, the contract recorded an a low of 15,734 and bounced up. On the upside, the contract marked an intraday high at 15,814 and began to decline. The contract is now below the key base level of 15,700. It has marked new intraday low at 15,624 and currently trading around 15,660. A strong fall below 15,650 again will bring back selling interest and pull the contract down to 15,600 and then to 15,575 levels. Resistances are placed at 15,700 and 15,750 levels.

Strategy: Go short on rallies with stop-loss at 15,700 levels

Supports: 15,650 and 15,600

Resistances: 15,700 and 15,750

Published on June 09, 2021

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