Comments
Nifty 50 June Futures (18,700)
Nifty 50 and Sensex are trying to recover after the late sell-off witnessed on Thursday. Both the indices are up about 0.15 per cent today. Sensex is trading at 62,932 and Nifty at 18,663.
Nifty has support at 18,600, which is holding well as of now. As long as the index stays above this support, a range of 18,600-18,800 can be seen for some time. The overall bias is positive. As such, Nifty is likely to breach 18,800 eventually and rise to 19,000 in the coming days.
Global indices
Major Asian indices are all trading in green. Nikkei 225 (32,224) is up 1.8 per cent and Kospi (2635) is up 0.96 per cent.
In the US, the Dow Jones Industrial Average (33,833) has moved up further. The downside pressure is getting eased. On the chart, the bias is positive. The Dow Jones can breach 34,000 and rise to 34,300-34,500 in the coming days.
Nifty 50 Futures
The Nifty 50 June Futures (18,700) is marginally down by 0.05 per cent. The contract is struggling to get a strong follow-through rise. This leaves the chances high for the Nifty 50 June Futures contract to dip to test the support at 18,650 today. Thereafter the price action will need a close watch. A strong bounce from around 18,650 can take the contract to 18,800-18,850 next week.
On the other hand, a break below 18,650 will increase the downside pressure and drag it down to 18,600 and 18,550.
Trade strategy
We suggest traders stay out of the market today. Watch the price action around 18,600 and see how the contract closes for the week. Thereafter trades can be taken accordingly next week.
Supports: 18,650, 18,600
Resistances: 18,750, 18,800
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.