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Nifty 50 July futures (11,640)
The Sensex and the Nifty began the session with a gap-down opening and continued to trade in negative territory. The market breadth of the Nifty index is biased towards declines. The India VIX is hovering flat at 11.8 levels. Witnessing selling interest, the Nifty mid and small-cap indices have slumped 1.5 per cent and 1 per cent respectively.
The July month contract began the session with a gap-down opening at 11,642. After marking an intra-day high at 11,665, the contract continued to trend downwards. Key support at 11,625 is providing a base for the contract. A decisive fall below this level will be a cue for initiating fresh short positions with a fixed stop-loss.
The contract can test next support at 11,600. A further fall below 11,600 can drag the contract down to 11,575 and 11,550 levels. On the upside, a strong rally above 11,675 is needed to bring back the bullish momentum and take the contract higher to 11,700, and then to 11,730 levels.
Strategy: Go short on a decisive fall below 11,625, with a fixed stop-loss
Supports: 11,625 and 11,600
Resistances: 11,675 and 11,700
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