Technical Analysis

Nifty Call: Buy on dips with a fixed stop-loss at 11,865 levels

Yoganand D, BL Research Bureau | Updated on July 01, 2019 Published on July 01, 2019

Nifty 50 July Futures (11,910)

Taking bullish cues from the Asian markets, the Sensex and the Nifty began the session with a gap-up open and continued to trend upward. The Nikkei 225 has gained 2 per cent to 21,729 in today's session. Both the Sensex and the Nifty have advanced about 0.65 per cent each.

The market breadth of the Nifty index is biased towards advances. The India VIX has slumped 1.5 per cent to 14.72 levels. While the Nifty mid-cap is trading flat, the Nifty small-cap index has rallied 0.5 per cent.

The Nifty July month contract commenced the session with a gap-up open at 11,888. After marking an intra-day low at 11,863, the contract continued to trend upwards. It has marked an intra-day high at 11,917 levels.

Make use of declines to buy the contract while maintaining a fixed stop-loss at 11,865. A decisive rally above 11,920 can take the contract higher to 11,950 and then to 11,975 levels.

On the downside, emphatic fall below the key base level of 11,840 can bring back selling pressure and drag the contract down to 11,820 and 11,800. A further fall below 11,800 can pull the contract down to 11,775 and 11,750 levels.

Strategy: Make of dips to buy the contact with a fixed stop-loss at 11,865 levels

Supports: 11,865 and 11,840

Resistances: 11,925 and 11,950

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 01, 2019
This article is closed for comments.
Please Email the Editor