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Nifty 50 July Futures (9,631)
After beginning the day on a negative note, the Asian markets have moved into positive territory. The Nikkei 225 is up by 49 points to 20,081 and Hang Seng index has advanced 100 points to 25,489 levels. Taking cues from the global markets, the Nifty 50 futures contract began the session on a positive note at 9,636. After recording an intra-day high of 9,648, the contract started to experience selling interest and decline to an intra-day low of 9,615 levels. The contract is trading in the band between 9,615 and 9,650. The market breadth of the Nifty 50 index is biased towards advances. The near-term outlook will remain positive as long as the contract trades above the immediate support level of 9,620 levels. Traders with a short-term perspective can buy the contract with a stop-loss at 9,615 levels. The contract can test the upper boundary at 9,650 levels. Further rally above 9,650 can push the contract higher to 9,675 levels. The next key resistance above 9,675 is placed at 9,690 levels.
Strategy : Make use of dips to go long with a fixed stop-loss at 9,615 levels.
Supports : 9,620 and 9,600
Resistances : 9,650 and 9,675
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