Comments
Nifty 50 September futures (10,878)
The Sensex and the Nifty began the session on a flat note. The Asian markets are trading mixed; the Nikkei 225 is flat at 20,649, while the Hang Seng index has jumped 3.7 per cent to 26,477 levels in today's session. After moving sideways in a narrow range, the Sensex and the Nifty have begun to trend upwards.
The market breadth of the Nifty index is biased towards advances. The India VIX has slumped 2.7 per cent to 17.56 levels. The Nifty Mid and Small-Cap indices are trading almost flat. Buying interest is seen in the Nifty Bank and Fin Service, which have gained 1.2 per cent and 1.1 per cent, respectively. The Nifty Pharma index has tumbled 1.56 per cent.
The Nifty September month contract began the session on a negative note at 10,829. After marking an intra-day low at 10,785, the contract has begun to trend upwards. It has recorded an intra-day high at 10,890. A strong rally above the immediate resistance level of 10,875 can take the contract higher to 10,900. A further rally above 10,900 can push the contract higher to 10,925 and 10,950.
Traders can make use of dips to buy the contract, with a stop-loss at 10,850 levels. Key supports below 10,835 are at 10,810 and 10,785.
Strategy: Buy on dips while maintaining a fixed stop-loss at 10,850 levels
Supports: 10,835 and 10,810
Resistances: 10,900 and 10,925
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.