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Nifty 50 July Futures (9,961)
The Nifty futures started the week on a positive note with a marginal gap-up open at 9,924 levels. After recording an intra-day low of 9,914 levels, the contract resumed its up move and breached a key resistance at 9,925.
The contract extended its up move, witnessing buying interest and has marked an intra-day high at 9,964 so far. The contract is trading at a marginally discount to its underlying Nifty index as the derivative expiry is nearing.
The advance/decline ratio is biased towards advances. The near-term positive outlook will remain intact as long as the contract trades above the immediate support level of 9,925 levels.
A decisive plunge below this level can pull the contact down to 9,900. Further decline below the key support level of 9,900 can drag the contract down to 9,880 and then to 9,860 levels in the short term.
Traders with a short-term view should tread with caution with a stop-loss maintained at 9,925. Continuation of the up move can make the contract test the resistances at 9,975 and 9,990 levels.
Strategy : Can go long with a stop-loss at 9,925
Supports: 9,925and 9,900
Resistances: 9,975 and 9,990
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