Nifty 50 opened today’s session with a gap-up at 24,978 versus Monday’s close of 24,947. But it dipped after opening and is currently trading at 24,850, down 0.35 per cent.
The advance/decline ratio indicates a bearish inclination as it stands at 14/36. Asian Paints (up 1.3 per cent) is the top gainer. This is followed by NTPC and BEL, up 0.5 per cent each.
On the other hand, Sun Pharmaceutical Industries (down nearly 2 per cent) is the top loser followed by ONGC and IndusInd Bank, down 1.4 per cent each.
Among the sectors, Nifty Realty (up 0.7 per cent) and Nifty Media (up 0.4 per cent) are the top performers. Whereas Nifty Pharma (down 0.9 per cent) and Nifty Healthcare (down 0.75 per cent) are the weakest so far today.
Nifty 50 futures
The June expiry Nifty futures opened today’s session flat at 24,996. It then moderated and is currently hovering around 24,910, down 0.35 per cent.
The chart shows that the contract is currently trading around the middle of the 24,650-25,250 price band. So, there is no clarity with respect to trends.
If Nifty futures (Jun) extend the decline, it can touch 24,820, a potential intraday support. A breach of this can drag the contract to 24,650.
On the other hand, if it recovers from the current level, it can face a hurdle at 25,025. A clear breakout of this can lift the contract to 25,150 and 25,250.
Trading strategy
For intraday, traders can short Nifty futures (Jun) at 24,910. Target and stop-loss can be 24,750 and 25,025, respectively.
Supports: 24,820 and 24,650
Resistance: 25,025 and 25,150