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Nifty 50 July Futures (11,044)
The Nifty and the Sensex started the session on a positive note and continue to trade in a range. The Asian markets are witnessing selling pressure and are in the red. The Nikkei 225 has declined 300 points or 1.3 per cent to 22,396 levels, and the Hang Seng index is trading almost flat at 28,210 levels.
The Nifty July futures contract began the session in negative territory, opening at 11,022 and declined to an intra-day low of 11,008 levels. However, taking support in the band between 11,000 and 11,010, the contract has bounced up. It has marked an intra-day high at 11,059. The contract is broadly moving sideways in the band between 11,025 and 11,060.
Traders with a near-term view should tread with caution as long as the contract trades in this range. Consider initiating fresh long positions on a decisive rally beyond 11,060 with a fixed stop-loss.
The contract can extend its upmove to 11,080 and 11,100 levels. A conclusive break above 11,100 can take the contract northwards to 11,125 and 11,250 levels. The key support below 11,025 is at 11,000. A decisive fall below 11,000 can bring back selling pressure and drag the contract down to 10,975 and 10,950 levels.
Strategy: The contract is range-bound between 11,025 and 11,060. Desist from taking fresh positions as long as the contract is range-bound.
Supports: 11,025 and 11,000
Resistances: 11,060 and 11,080
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