Comments
Nifty 50 July Futures (10,532)
The Sensex and the Nifty 50 started the session with a gap-up open and continues to hover in the positive territory. Both the benchmark indices have advanced 1.3 per cent each. The Nikkei 225 is trading almost flat at 22,145, and Hang Seng index has jumped 2 per cent to 24,946 levels in today's session. Market breadth of the Nifty index is biased towards advances. On the other hand, the India VIX has slumped 3.9 per cent to 27 levels. Both the Nifty mid and small-cap indices have climbed 1 per cent each, witnessing buying interest. The Nifty IT index is the top gainer among the sectoral indices that has jumped 2.7 per cent, followed by Nifty Auto index, which has advanced 1.9 per cent. Nifty Realty index is the only index trading in the negative territory and is down by 0.4 per cent.
The Nifty 50 July month contract commenced the session with a gap-up open, at 10,451. After marking an intra-day low at 10,440, the contract continued to trend upwards. It breached a key resistance at 10,500 and recorded an intra-day high at 10,544. The near-term outlook stays positive as long as the contract trades above 10,450 levels. Traders can make use of intra-day dips to buy the contract with a stop-loss at 10,450 levels. A strong rally above 10,545 can take the contract northwards to 10,575 and then to 10,600 in the upcoming trading sessions. Subsequent key resistances are at 10,630 and 10,650 levels. On the downside, a strong fall below the vital base of 10,450 can bring back selling interest and pull the contract down to 10,420 and then to 10,400 levels.
Strategy: Buy in dips with a fixed stop-loss at 10,450 levels
Supports: 10,500 and 10,450
Resistances: 10,545 and 10,575
BL Research Bureau
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.