Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Nifty 50 September Futures (11,566)
After a strong gap-up open, the Sensex and Nifty 50 began to witness selling interest at higher levels and started to trend downwards. The key benchmark indices have pared some of the initial gains and hovering almost flat. The Nikkei 225 has advanced marginally about 0.2 per cent to 23,360 and Hang Seng index has climbed 0.6 per cent to 24,491 levels in today's session. The Nifty 50 has climbed 0.3 per cent and Sensex is hovering flat, inching up by 0.1 per cent. The market breadth of Nifty 50 is biased towards advances. Whereas, India VIX has slumped 3.4 per cent to 19.4 levels. Both Nifty mid and small-cap indices have rallied 0.6 per cent each. Strong buying interest is witnessed in Nifty Pharma and Nifty realty indices that have jumped 5.3 and 3 per cent respectively. On the other hand, selling pressure is seen in Nifty FMCG and PSU Bank indices which has slipped 0.7 per cent and 0.6 per cent respectively.
The Nifty 50 September month contract started the session with a gap-up open at 11,575. After recording an intra-day high at 11,587 the contract started to decline. But, it took support at 11,530 and managed to recover. As long as the key supports at 11,530 and 11,550 holds, the near-term stance remains positive. A strong fall below 11,530 can bring back selling interest and drag the contract down to 11,500. Subsequent supports are at 11,480 and 11,450 levels. On the upside, a decisive rally above 11,585 can take the contract northwards to 11,600 and then to 11,625 levels. Next resistance is at 11,630.Traders can initiate fresh long on a rally above 11,585 with a fixed stop-loss
Strategy: Go long on a strong rally above 11,585 with a fixed stop-loss
Supports: 11,530 and 11,500
Resistances: 11,585 and 11,600
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