Technical Analysis

Nifty 50 June Futures (15,775)

Yoganand D | Updated on June 08, 2021

BL Research Bureau

The Sensex and the Nifty 50 started the session on a flat note and slipped into the negative territory. Both the indices continue to feature in the negative territory. The Asian markets are marginally hovering in the negative territory, the Nikkei 225 is down by 0.2 per cent to 28.963 levels and Hang Seng index is down by 0.1 per cent to 28.768 levels. The Sensex and the Nifty 50 are down by 0.15 per cent each. The market breadth of the Nifty 50 is slightly biased towards advances. The volatility index - India VIX is down by 0.88 per cent to 15.4 levels. Both the Nifty mid and small-cap indices have advanced 0.66 per cent and 0.47 per cent respectively. Among the sectoral indices, the selling interest is seen in the Nifty metal and Nifty Bank which have fallen 1.1 per cent and 0.99 per cent respectively. On the other hand, the Nifty IT and media are the top gainers that have advanced 1.47 per cent and 0.7 per cent correspondingly.

The June month contract started the session on a flat note, opening at 15,787 levels and slipped into the negative territory. After recording an intraday low at 15,701 the contract bounced up. The contract has breached a key resistance at 15,750 recently. As long as the contract trades above 15,750 the near term stance stays positive. Traders can buy on dips with a stop-loss at 15,740 levels. A strong rally above 15,780 can take it higher to 15,800 and then to 15,830 levels. Next resistance is placed at 15,850. Key supports below 15,750 are placed at 15,730 and 15,700 levels.

Strategy: Buy on dips with a fixed stop-loss at 15,740 levels

Supports: 15,750 and 15,730

Resistances: 15,800 and 15,830

Published on June 08, 2021

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