Comments
Nifty 50 July Futures (15,853)
The Sensex and the Nifty 50 began the negative territory and bounced up amid mixed Asian markets. The Nikkei 225 has advanced 1 per cent to 27,833, while the Hang Seng index has tumbled 866 points or 3 per cent in today's session. The Sensex and the Nifty 50 are volatile and hovering flat. The market breadth of the Nifty 50 is biased towards advances. On the other hand, the India VIX has gained 4 per cent to 12.2 levels indicating an increase in volatility. The Nifty mid and small-cap indices have climbed 0.5 per cent and 0.37 per cent, respectively.
Among the sectoral indices, the Nifty media is the top gainer that has gained 1.4 per cent, followed by the metal index, which has climbed 0.8 per cent. Selling pressure is witnessed in the Nifty Auto and PSU Bank indices that have fallen about 0.4 per cent each.
The Nifty July contract started the session with a gap-down open at 15,781 and began to trend upwards. The contract breached the key level of 15,800 and registered an intraday high at 15,880. The near-term stance stays positive as long as the contract trades above 15,820 levels. Traders can buy on dips with a stop-loss at 15,815 levels. A strong rally above the immediate resistance levels of 15870 and take the contract northwards to 15890-15900 zone. Key supports below 15,820 are placed at 15,800 and 15,775 levels. After that, supports are at 15750 and 15,730 levels.
Strategy: Make use of intraday declines to buy the contract with a fixed stop-loss at 15,815 levels
Supports: 15,820 and 15,800
Resistances: 15,870 and 15,890
BL Research Bureau
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.