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Nifty 50 August Futures (11,271)
Domestic benchmark indices - the Nifty and the Sensex began the session on a strong note. After opening with a gap-up, the indices continued to trade in the positive territory, backed by strong buying in mid and small-cap segments.
Moreover, all the sectoral indices were hovering in the positive territory witnessing buying interest. Among them, FMCG and metal were the top sectoral gainers advancing 2 and 1.4 per cent, respectively.
The market breadth of the Nifty index is biased towards advances. On the other hand, the India VIX is marginally down by 0.35 per cent to 11.98 levels.
Nifty August month futures contract started the session with a bang, opening with a gap-up at 11,234. After marking an intra-day low at 11,225, the contract resumed its up-move. Immediate supports are placed at 11,250, 11,225 and 11,200. Resistances are at 11,280 and 11,300.
A decisive rally beyond 11,300 can take the contract higher to 11,325 and 11,350 in the short term. Traders can make use of intra-day dips to buy the contract with a fixed stop-loss.
Strategy : Near-term outlook is bullish. Buy in dips with a fixed stop-loss.
Supports : 11,250 and 11,225
Resistances: 11,280 and 11,300
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