Comments
Nifty 50 August Futures (9,807) The Asian markets started the session with modest gains and have turned mixed now. The Nikkei 225 has slipped into the red to trade at 19,383, down by 10 points, whereas the Hang Seng index is strong, trading with 1.2 per cent at 27,465 levels.
Taking initial cues from the Asian markets, the Nifty and Sensex started the session on a positive note, with a gap-up at the open. The Nifty futures contract also began the session with a gap-up open at 9,810 levels. However, after marking an intra-day high at 9,837 levels, the contract declined, witnessing some selling pressure, and recorded an intra-day low of 9,769 levels.
Taking support at around 9,770 levels, the contract appears to have resumed its intra-day up-move. It is once again trading above 9,800.
The market breadth of the Nifty 50 index is biased towards advances. The contract is experiencing buying interest at lower levels. Traders with a short-term view can buy the contract on dips, with a stop-loss at 9,785. Continuation of the up-move could see the contract encounter resistance at 9,830. A further rally beyond this resistance could take the contract higher to 9,850 and 9,870 levels. The key supports to note are at 9,800 and 9,770. A strong fall below 9,770 will mitigate buying interest and pull the contract down to 9,750 and 9,725.
Strategy: Use intra-day dips to buy with stop-loss at 9,785
Supports: 9,800 and 9,770
Resistances: 9,830 and 9,850
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.