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Nifty 50 June Futures (10,796)
Asian markets have begun the session on a negative note. The Nikkei 225 declined 171 points or 0.75 per cent to 22,680 levels and Hang Seng Index fell 130 points or 0.43 per cent to 30,309 levels.
Taking cues from the bearish Asian markets, the Nifty and the Sensex started the session almost on a flat note and continued to waver between positive and negative territory in a narrow range. The market breadth of the Nifty index is biased towards declines.
The Nifty June month futures contract started the session in the negative territory, opening at 10,809 levels. The contract is trading volatile and has marked an intra-day low at 10,781 and high at 10,817. It is moving sideways with a negative bias.
Traders with a short-term perspective can initiate fresh short positions on a fall below the immediate support level of 10,780 with a fixed stop-loss. Such a fall can pull the stock down to 10,750 and 107,30 levels. Next key support is placed at 10,700.
On the other hand, key resistances are at 10,820 and 10,840-10,850 band. Only a strong rally beyond 10,820 will alter the bearish stance and take the contract higher.
Strategy : Go short on a decline below 10,780
Supports : 10,780 and 10,750
Resistances: 10,820 and 10,840
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