Comments
Nifty 50 September futures (9,950) Despite Asian markets showing negative cues, the domestic bellwether indices started the session in positive territory. The Nikkei 225 is down 122 points or 0.6 per cent at 19,385 levels and the Hang Seng index has slipped into the red, falling 34 points or 0.12 per cent to 27,706 levels. The MSCI AC Asia Pacific index is down 0.6 per cent and is trading at 160 levels.
The Nifty futures contract started the session on a positive note at 9,945 levels. It extended the up-move and recorded an intra-day high of 9,969 levels. However, experiencing selling pressure at higher levels, the contact started to decline. It fell, breaching its immediate support at 9,930, and marked an intra-day low of 9,915. But the contract has bounced back from this level and has moved above 9,930 levels.
The market breadth of the Nifty index is almost balanced between advances and declines. Traders with a near-term perspective should tread with caution and initiate fresh short positions on a decisive fall below 9,930 with a fixed stop-loss.
Such a fall can strengthen the selling pressure and pull the contract down to 9,915 and then to 9,900 levels in the near term. An emphatic downward break of 9,900 can intensify the selling pressure and pull the contract down to 9,880 and 9,850 levels. Key resistances are placed at 9,975 and in the 9,990-10,000 band.
Strategy: Go short below 9,930 with a fixed stop-loss
Supports: 9,930 and 9,915
Resistances: 9,975 and 9,990
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.