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Nifty 50 June futures (11,880)
The Sensex and Nifty began the session on a negative note and continued to decline. Asian markets are showing mixed signs; the Nikkei 225 is up 0.4 per cent, whereas the Hang Seng index has declined 0.8 per cent.
The domestic benchmark indices are in a slight recovery mode from their intra-day lows. The market breadth of the Nifty is biased towards declines. The India VIX has advanced 0.8 per cent to 13.77 levels. The Nifty mid-cap has declined 0.36 per cent and the Nifty small-cap has fallen 0.17 per cent in today's session.
The Nifty June month contract commenced the session with a gap-down opening at 11,900. After marking an intra-day high at 11,916, the contact began to decline and registered an intra-day low at 11,847 levels. Taking support at around 11,850, the contract began to recover.
It tests resistance at 11,885 levels. A strong rally above this level can pave the way for an up-move to 11,900 and then to 11,925 levels. The next key resistances are at 11,950 and 11,975 levels.
Traders can buy on declines with a stop-loss at 11,860. On the downside, a strong fall below the key support level of 11,850 can drag the contract down to 11,825 and 11,800 levels.
Strategy: Buy on dips while maintaining a fixed stop-loss at 11,860 levels
Supports: 11,850 and 11,825
Resistances: 11,900 and 11,925
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