Nifty 50 and Sensex have risen sharply today. Both indices are up about 0.6 per cent each. Sensex is trading at 65,823 and Nifty is at 19,558.

The rise above 19,500 on the Nifty is a positive. As long as the index sustains above 19,500, it has a good chance to rise to 19,650-19,700 in the coming sessions. The above-mentioned rise will be negated only if the Nifty declines below 19,500 again. In that case, the index may return to 19,250-19,500 again.

Global indices

All Asian major indices are in green. Hang Seng (18,186) and Kospi (2,531) are up over a per cent today.

In the US, the Dow Jones Industrial Average (34,472, 98) was up 0.5 per cent on Wednesday. Resistance is at 34,600. If the Dow manages to breach this hurdle, then a rise to 35,000 may be seen and the fall to 34,100-34,000 may be avoided.

Nifty 50 Futures

The Nifty 50 August Futures (19,553) is up 0.63 per cent. Immediate support is at 19,530. The contract has to sustain above this support to move further up during the day, and a rise to 19,630 is possible.

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A fall below 19,530 can drag it down to 19,500 and even 19,450. We expect the Nifty 50 August Futures contract to sustain above 19,530 and rise to 19,630 in the coming sessions.

Trade strategy

Traders can go long on dips at 19,540. Keep the stop-loss at 19,505. Trail the stop-loss up to 19,555 as soon as the contract moves up to 19,580. Move the stop-loss further up to 19,590 when the contract touches 19,605 on the upside. Exit the long positions at 19,620.

Supports: 19,530, 19,500

Resistances: 19,630, 19,680

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