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Nifty 50 June Futures (10,500)
The Indian benchmark indices opened with a gap-up and rallied during the initial hour, even though Asian markets signalled mixed cues. But both the benchmarks went on to see an intra-day correction. Now, the Nifty 50 spot index and the Sensex spot index are trading higher by 0.5 per cent and 0.2 per cent, respectively.
The Nikkei 225 index has ended the session flat, whereas the Hang Seng index is trading lower by 0.2 per cent; the Shanghai composite index is up by 0.3 per cent.
The market breadth of the Nifty 50 index is slightly bullish as the advance-decline ratio is at 22-28. Like the benchmarks, the mid-cap and small-cap indices, too, are in the green.
Among the sectoral indices, the Nifty PSU bank index is the top performer, up by 1.5 per cent, whereas the Nifty Pharma index is the top loser, down by nearly one per cent. India VIX – the volatility index – is down by 0.8 per cent to 29.1 levels.
Today, the June futures contract of the Nifty 50 index opened marginally higher at 10,499 versus its previous close of 10,467. However, after marking an intra-day high of 10,536, the contract started to decline. But taking support at 10,430, it seems to have resumed its rally. Since the overall trend is bullish, the likelihood of the contract gaining is high. So, traders can go long with stop-loss at 10,425.
Strategy: Go long with stop-loss at 10,425
Supports: 10,430 and 10,400
Resistances: 10,536 and 10,600
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