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Nifty 50 July Futures (11,582)
After a positive start, the blue-chip stock indices - the Sensex and the Nifty-- experienced selling pressure and began to move sideways in a narrow range. Both the indices are wavering between positive and negative territory.
The market breadth of the Nifty index is biased towards advances. The India VIX has slumped 2.2 per cent to 12.18 levels. The Nifty Mid and Small-cap indices are witnessing buying interest and have gained 0.7 per cent and 0.6 per cent respectively.
Following a flat open, the Nifty futures contract recorded an intra-day high at 11,597 and began to decline. It has marked an intra-day low at 11,542. The contract is range-bound between 11,560 and 11,600.
Traders should tread with caution as long as the contract is sideways in the 11,560 and 11,600 band. Fresh long positions can be initiated with a fixed stop-loss on a strong rally above 11,600 levels. The contract can trend northwards to 11,625 and 11,650 levels. On the other hand, a decisive fall below 11,560 can drag the contract down to 11,525 and 11,500 levels.
Strategy: The contract is range-bound. Go long on a strong rally above 11,600 levels
Supports: 11,560 and 11,525
Resistances: 11,600 and 11.625
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