Comments
Nifty 50 July Futures (16,866)
Domestic benchmark indices have gained in early trade, tracking the strong rise in the US markets overnight. Nifty 50 is up 1.3 per cent and is trading at 16,857 at the time of filing this report.
There is resistance in the 16,850-16,900 region on the long-term charts. So, a reversal from around 16,900 cannot be ruled out. Hence, one has to remain cautious.
Global indices
In Asia, barring the Hang Seng (20,596, down 0.32 per cent), major indices are in green. Nikkei 225 (27,760), Shanghai Composite (3,293) and Kospi (2,431) are up in the range of 0.16-0.60 per cent.
In the US, the Dow Jones Industrial Average (32,197) had surged 1.37 per cent on Wednesday after the US Federal Reserve raised interest rates by 75 bps. Crucial resistance is at 32,400. A break above it will open doors for a rise to 32,800-33,000.
Nifty Futures
The Nifty 50 July Futures (16,866) is up 1.29 per cent. Resistance is at 16,900-16,930, which needs to watched today. The contract has to rise past this hurdle to extend the up move.
Inability to rise past 16,930 can drag the contract down to 16,750. The level of 16,750 is a strong support. A break below it will turn the outlook bearish to see a steeper fall to 16,500. A breakout on either side of the 16,750-16,930 range will determine the next move. We recommend to stay out of the market.
Trading Strategy
Stay out of the market.
Supports: 16,750 16,500
Resistances: 16,930, 17,000
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.