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Nifty 50 August Futures (11,377)
Following a positive open, both the Nifty and the Sensex hit record highs in the morning session. But the benchmark indices began to retreat from the record highs and entered into the negative territory on the back of profit-booking and selling interest at higher levels.
Asian markets were on a mixed note. The Nikkei 225 was up 0.8 per cent at 22,746, while the Hang Seng index was down almost 1 per cent at 28,309.
August month Nifty futures contract started the session in the positive territory, opening at 11,379 levels. After marking an intra-day high at 11,402, the contract began to decline witnessing selling pressure at higher levels. Subsequently, the contract declined and recorded an intra-day low of 11,358.
The market breadth of the Nifty index is biased towards declines. India VIX gained 1.5 per cent to 12.66 levels.
Traders with a near term view can go short if the contract declines below the key immediate support level of 11,350 levels with a fixed stop-loss.
As long as the key support at 11,350 holds, traders should tread with caution. Resistances are at 11,386 and 11,400 levels. Key supports below 11,350 are placed at 11,330 and 11,300 levels.
Strategy : Fresh short positions are recommended on a decline below 11,350 with a fixed stop-loss.
Supports : 11,330 and 11,300
Resistances : 11,386 and 11,400
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