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Nifty 50 July Futures (9,485)
The Nifty July futures started the session on a negative note at 9,493 levels. Taking cues from the negative global markets, the contract extended its decline and recorded an intra-day low of 9,451 levels. However, the contract took support at around 9,450 and began to recovery. The contract now tests the key resistance at 9,500. The Nifty 50 index is also in recovery mode. The market breadth of the Nifty index is biased towards declines.
Though the contract witnessed buying interest at lower level and is on a recovery path, the near-tern downtrend continues to be in place. Therefore, traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a strong rally beyond 9,520 levels. Such an up move can ease the selling pressure and take the contract higher to 9,540 and 9,560 levels in the short term. Having said that, a strong fall below the immediate support level of 9,475 can reinforce the downtrend and pull the contract down to 9,450 levels. Next key supports are placed at 9,430 and 9,410 levels.
Strategy : Tread with caution and go long only if the contract moves beyond 9,520 levels with a fixed stop-loss.
Supports : 9,475 and 9,450
Resistances : 9,520 and 9,540
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