Comments
The Indian benchmark indices are trading higher. Both the Sensex and Nifty 50 are trading about 1 per cent higher. Nifty is at 15,990 and Sensex is at 53,770. Nifty is trading well above 15,900 and will now have room to test 16,100. The level of 16,100 is a strong resistance that can cap the upside.
The price action around 16,100 will need a close watch to see if the index is reversing lower or not. Similarly, Sensex has strong resistance at 54,000. Inability to rise past 54,000 can trigger a fresh fall in the index. The price action around 54,000 will need a close watch.
In Asia, barring the Shanghai Composite (3,398, down 0.19 per cent) index, other major indices are trading in green. Nikkei 225 (26,372), Hang Seng (21,979) and Kospi (2,331) are up in the range of 0.7-1.35 per cent. The US markets were closed yesterday on account of a public holiday.
Futures: The Nifty 50 July Futures contract (15,975) is up 0.87 per cent. Immediate resistance is at 16,000. A break above it can take the contract up to 16,100-16,150 in the coming sessions. Thereafter, the price action will need a close watch to see if the contract is reversing lower or extending the rally. Support is at 15,940. The contract will come under pressure for a fall to 15,800 if it breaks below 15,940.
Traders can go long at current levels and accumulate at 15,950. Keep the stop-loss at 15,920. Trail the stop-loss up to 16,010 as soon as the contract moves up to 16,030. Move the stop-loss further up to 16,030 as soon as the contract touches 16,060. Book profits at 16,080.
Supports: 15,940 and 15,800.
Resistances: 16,000 and 16,150.
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.