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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Nifty 50 June Futures (11,740)
The Sensex and the Nifty began the session in red and continued to trend downwards witnessing selling interest. Asian markets are showing mixed cues, the Nikkei 225 index is hovering flat at 21,124 levels and Hang Seng index has gained marginally by 0.5 per cent to 27,254 levels.
The domestic key benchmark indices have slumped about 0.8 per cent. The market breadth of the Nifty index is biased towards declines. On the other hand, the India VIX, a volatility index based on Nifty index option prices, has jumped 4 per cent to 14.45 levels.
Both the Nifty mid- and small-cap indices are also experiencing selling pressure and have declined 0.9 per cent and 1.3 per cent respectively.
The Nifty June month contract started the session at 11,824 levels. After an initial up-move the contract recorded an intra-day high at 11,830 and began to decline thereafter. It breached a key support at 11,800 levels and continued to trend downwards. The near-term outlook is bearish.
Traders can sell on intra-day rallies while maintaining a fixed stop-loss at 11,805 levels. The contract can test support at 11,730. A decisive fall below this level can pull the contract down to 11,715 and 11,700 levels. A further decline can drag it lower to 11,675 and 11,650 levels in the near term. Key resistances above 11,800 are at 11,825 and 11,850 levels.
Strategy: Sell on rallies with a fixed stop-loss at 11,805 levels
Supports: 11,730 and 11,715
Resistances: 11,800 and 11,825
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