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Nifty 50 July Futures (10,785)
The Nifty and the Sensex commenced the session on a flat note and continued to trade volatile. The global cues are negative. The US indices closed in the negative territory, declining between 0.5-0.9 per cent last session. The Asian stocks are also hovering in the negative territory, the Nikkei 225 is down 0.8 per cent to 21,546 and Hang Seng index has fallen 0.5 per cent to 28,115 levels.
The July contract started the session in negative zone, opening at 10,759 levels. After registering an intra-day low at 10,737, the contract bounced up, witnessing buying interest. However, the contract faces a key resistance ahead at 10,800. A strong rally above this level is required to strengthen the bullish momentum and take the contract higher to 10,825 and 10,850 levels. On the other hand, key supports are placed at 10,770 and 10,750 levels. A conclusive plunge below 10,750 will drag the contract down to 10,725 and 10,700 levels. Traders can make use of intra-day declines to buy the contract with a fixed stop-loss at 10,760 levels.
Strategy : Make use of intra-day dips with a fixed stop-loss at 10,760 levels.
Supports : 10,770 and 10,750
Resistances : 10,800 and 10,825
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