The Sensex and the Nifty began the session marginally on positive note amid mixed Asian markets. The Nikkei225 is up 0.36 per cent to 22,695 while Hang Seng index is marginally down, hovering at 24,313 levels. After an initial up-move, the Sensex and the Nifty spot indices began to decline witnessing selling interest and profit taking at higher levels. Both the benchmark indices have slumped about 1 per cent each. The market breadth of the Nifty index is biased towards declines. The India VIX has fallen 0.5 per cent to 29.8 levels. The Nifty mid and small-cap indices have declined 0.9 per cent and 0.8 per cent respectively. The Nifty Bank has declined 2.3 per cent dragged by private sector banking stocks. The Nifty PVT Bank index has tumbled 2.6 per cent whereas the Nifty PSU Bank index has gained 0.8 per cent. The Nifty Pharma and FMCG are the other two indices trading in green, advancing 1.1 per cent and 0.8 per cent correspondingly.
The Nifty June month contract commenced the session in negative note, opening at 10,060 levels. After an initial rally, the contract marked an intra-day high at 10,110 and began to decline on the back of selling interest. The contract breached the key support at 10,000. Traders can go short on rallies while maintaining a stop-loss at 10,010 levels. A decisive fall below 9,925 can pull the contract down to 9,900 levels. Next key supports are at 9,870 and 9,850. Key resistances beyond 10,050 are at 10,070 and 10,100.
Strategy: Go short on rallies with a fixed stop-loss at 10,010
Supports: 9,925 and 9,900
Resistances: 10,000 and 10,050
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