Nifty 50 opened today’s session higher at 25,577 against yesterday’s close of 25,549. It is now hovering around 25,560.
The advance/decline ratio indicates a bullish bias as it stands at 33/17. Adani Ports (up 1.6 per cent) and Power Grid Corporation (up 1.5 per cent) are the top performers so far today.
On the other hand, SBI Life (down 2.3 per cent) and Bajaj Finserv (down 1.7 per cent) are the top losers within Nifty 50.
Notably, mid- and small-cap indices are in the green and also, most of the sectoral indices have advanced. Nifty Metal (up 1 per cent) and Nifty Media (up 0.9 per cent) are the top performers.
On the other hand, Nifty Realty (down 0.6 per cent) and Nifty Financial Services (down 0.4 per cent) are the top losers.
Nifty 50 futures
The July expiry Nifty futures opened today’s session higher at 25,695 against yesterday’s close of 25,615. It is now trading around 25,690, up nearly 0.3 per cent.
The chart shows that the trend is bullish. Early trade indicates that Nifty futures (Jul) has a good intraday support at 25,640. So long as the contract remains above this level, the bias will be bullish.
We expect Nifty futures (Jul) to see a rally from the current level. It can rise to 25,800 and 26,000 in the near-term. On the other hand, if the contract slips below the support at 25,640, it can extend the decline to 25,580 and 25,500.
Given the broader bull trend, even if there is a correction from the current level, it is unlikely to drag Nifty futures (Jul) below 25,500.
Trading strategy
For intraday, traders can buy if Nifty futures (Jul) moderate to 25,580. Place stop-loss at 25,480. Book profits at 25,800.
Supports: 25,640 and 25,580
Resistance: 25,800 and 26,000