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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Nifty 50 July Futures (11,259)
BL Research Bureau
The Sensex and the Nifty 50 began the session on a positive note, i.e. a gap up open tracking yesterday’s positive US markets close. The Dow Jones had gained 0.4 per cent to 26,538, and the S&P 500 index had surged 0.7 per cent to 3,239 levels in the past session. Asian markets are trading mixed today; the Nikkei 225 has fallen 0.3 per cent to 22,657 whereas the Hang Seng index has climbed 0.4 per cent to 24,702 levels. Following an initial decline, the Sensex and the Nifty 50 have continued to trend upwards and have gained 1 per cent each. The market breadth of the Nifty 50 index is biased towards advances. On the other hand, the India VIX has slumped 2.8 per cent to 24.3 levels. Both the Nifty mid and small-cap indices have surged 1 per cent each. Top sectoral gainers are Nifty Auto and Realty that have gained 2.7 per cent and 1.5 per cent respectively. Nifty media is the sectoral index hovering into negative territory, down by 0.5 per cent.
The Nifty 50 July month contract started the session at 11,134, opening marginally higher. After an initial decline to 11,128, the contract bounced up strongly, breaching a key resistance at 11,200. The near-term outlook stays positive above 11,200 levels. Traders can buy on dips with a fixed stop loss at 11,190. The contract can continue to trend upwards in the near future. A strong rally above 11,270 can push the contract higher to 11,300. Subsequent resistances are at 11,330 and 11,350. Key supports below 11,200 are at 11,170 and 11,150.
Strategy: Buy on declines with a stop-loss at 11,190
Supports: 11,200 and 11,170
Resistances: 11,270 and 11,300
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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