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BL Research Bureau
Nifty 50 June Futures (15,537)
The Sensex and the Nifty 50 began the session in the negative territory amid mixed Asian markets. The Nikkei 225 has climbed 0.46 per cent to 28,946 levels, whereas the Hang Seng index has declined 0.65 per cent to 29,276 in today's session. Witnessing selling interest, the domestic benchmark indices, the Sensex and the Nifty 50, have fallen 0.92 per cent and 0.71 per cent. The market breath of the Nifty 50 is biased towards declines. The India VIX has climbed 0.7 per cent to 17.5 levels. The Nifty mid and small-cap indices have advanced 0.85 per cent each.
Selling interest is seen in the Nifty IT and Financial Service sector indices that have fallen 1.2 per cent and 0.9 per cent, respectively. The Nifty PSU Bank and metal have advanced 2.2 per cent and 1.2 per cent correspondingly. The Nifty June month contract started the session with a gap-down open at 15,584 levels and started to decline. The contract has breached the immediate support at 15,550 levels. However, the contract tested next support at around 15,500 and bounced up slightly. A strong breach of the support at 15,500 can pull the contract down to 15,480 and then to 15,450 levels. Key resistances above 15,550 are placed at 15,580 and 15,600 levels. Traders can go short on a decisive fall below 15,500 levels with a fixed stop-loss.
Strategy: Go short on a fall below 15,500 levels with a fixed stop-loss
Supports: 15,500 and 15,480
Resistances: 15,550 and 15,580
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