The Sensex and the Nifty 50 began the session in negative territory, in the midst of mixed Asian markets. The Nikkei 225 is down by 0.6 per cent to 27,940 levels whereas Hang Seng index has gained 0.8 per cent to 27,384 levels in today's session.
The Sensex and the Nifty 50 are down by 0.4 per cent and 0.35 per cent respectively. The market breadth of the Nifty 50 is biased towards declines. India VIX has also declined by 2 per cent to 13.2 levels. The Nifty mid and small cap indices have advanced marginally by 0.3 per cent each.
The June month Nifty futures contract began the session with a gap-down open in the negative territory, opening at 15,700 against the previous close at 15,735 levels. After marking an intraday high at 15,755 the contract slipped in the negative territory.
The contract faces resistance ahead at 15,735. A decisive rally above this immediate resistance level can take the contract higher to 15,755and then to 15,775 levels. Traders can go long on a rally above 15,735 levels with fixed stop-loss. Immediate supports are at 15,670 and 15,640 levels.
- Strategy: Fresh long positions can be initiated on a rally above 15,735 levels with fixed stop-loss
- Supports: 15,670 and 15,640
- Resistances: 15,735 and 15,755
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