Technical Analysis

Nifty Call: Sell on rallies with a fixed stop-loss at 15,760

Yoganand D | Updated on July 27, 2021

Supports are at 15,700 and 15,670 and the resistances at 15,750 and 15,800

Nifty 50 July Futures (15,714)

The Sensex and the Nifty 50 began the session on a positive note amid mixed Asian markets. The Nikkei 225 has advance 0.5 per cent to 27,970, while the Hang Seng index has tumbled 4.9 per cent to 24,888 levels in today's session. After an initial up-move, the Sensex and the Nifty 50 have slumped sharply; both the indices are down by 0.7 per cent each. The market breadth of the Nifty 50 is biased towards declines. The India VIX has jumped 8 per cent to 13.4 levels indicating an increase in volatility. The Nifty mid and small-cap indices have fallen 0.8 per cent and 0.45 per cent, respectively. Barring Nifty metal and Nifty PSU Bank indices that have climbed 0.56 per cent and 0.18 per cent, respectively, all the other indices are featuring in the negative territory. Top losers are Nifty Pharma and auto that have plummeted 3.5 per cent and 0.75 per cent, respectively

The Nifty July month contract commences the session on a positive note, opening at 15,840. Following an initial up-move to 15,869, the contract started to decline on the back of selling pressure, and the contract has fallen below the key base level of 15,800. Recording an intraday low at 15,693 the contract has marginally recovered and trades at 15,714 levels. As long as the contract trades below 15,750, the near-term stance remain bearish. Sell on rallies with a fixed stop-loss at 15,760 levels. A fall below 15,700 can pull the contract down to 15,670 and then to 15650 levels. Resistances above 15,750 are place at 15,780 and 15,800.

Strategy: Sell on rallies with a fixed stop-loss at 15,760 levels

Supports: 15,700 and 15,670

Resistances: 15,750 and 15,800

BL Research Bureau

Published on July 27, 2021

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