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Nifty 50 July Futures (10,722)
Domestic benchmark indices, the Nifty and the Sensex, started the session on a flat note and slipped into the red, taking cues from bearish global markets.
The US indices, the Dow Jones and S&P 500 Index, fell 0.54 and 0.49 per cent, respectively in the previous session. Asian markets were also in the negative territory. The Nikkei 225 index dropped 68 points to 21,717 levels, while Hang Seng index tumbled 326 points to 28,219 levels.
Both the Nifty and the Sensex are experiencing a choppy session. The Nifty July futures contract opened in the red at 10,716 levels. The contract recorded an intra-day low of 10,671 and then bounced back. It has marked an intra-day high at 10,729 levels.
As long as the contract trades above the key support level of 10,700, the near-term stance will remain positive. Traders can buy the contract in dips with a fixed stop-loss at 10,695 levels. The contract can test immediate resistance at 10,730. A decisive rally beyond this level can take it higher to 10,750 and 10,775 levels. Key supports below 10,700 are at 10,670 and 10,650 levels.
Strategy : Buy in declines with a stop-loss at 10,695 levels
Supports : 10,700 and 10,670
Resistances : 10,730 and 10,750
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