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Nifty 50 July Futures (9,661)
Taking cues from the negative global cues, the Nifty and the Sensex started the session in red. Both the indices continue to hover in the negative territory. On Thursday, the Dow Jones Industrial average fell 0.7 per cent close at 21,320 and S&P 500 index plunged 0.9 per cent to end at 2,409 levels. In Asian markets, Hang Seng index has slipped about 0.3 per cent to 25,393 levels and Nikkei 225 has also fallen 0.3 per cent to 19,929 levels. The Nifty futures contract started the session in negative territory at 9,654 and remains in this territory. The contract has marked an intra-day high of 9,667 and low of 9,644. It is on a recovery mode from the intra-day low of 9,644. The advances/declines ratio is biased towards advances in the Nifty index. Traders with a near-term view can make use of the current recovery to initiate fresh long positions with a fixed stop-loss at 9,650 levels. The contract can trend higher to 9,675 levels. Further rally beyond 9,675 can push the contract northwards to 9,690 or 9,700 levels in the near term. That said, if the contract decisively declines below the immediate support level of 9,650 it can drag the contract down to 9,630 and then to 9,610 levels.
Strategy : Go long in dips while maintaining stop-loss at 9,650
Supports : 9,650 and 9,630
Resistances : 9,675 and 9,690
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