Technical Analysis

Nifty Call: Buy in declines with stop-loss at 11,530

Yoganand D, BL Research Bureau | Updated on July 11, 2019 Published on July 11, 2019

Nifty 50 July Futures (11,575)

The Sensex and the Nifty began the session in positive territory with a gap-up open, taking bullish cues from the Asian markets. The Nikkei 225 has added 0.5 per cent to 21,643 levels and Hang Seng index has advanced 0.78 per cent to 28,424 levels.

The Sensex and the Nifty continue to trend upwards, each gaining 0.6 per cent. The market breadth of the Nifty index is biased towards advances. On the other hand, India VIX has slumped 6.5 per cent to 12.7 levels. The Nifty mid-cap index has advanced 0.5 per cent while Nifty small cap index is hovering flat. Buying interest is seen in Nifty media and realty indices which have advanced 2 per cent and 1.5 per cent respectively. The Nifty IT index marginally trades in red.

The Nifty July month contract started the session with a gap-up open at 11,550. After marking an intra-day low at 11,528 the contract continued to trend upwards and has recorded an intra-day high at 11,583 levels. The near-term stance remains positive as long as the contract trades above 11,530 levels.

Traders can buy in declines with a stop-loss at 11,530 levels. A decisive break above 11,600 will strength the up-move and take the contract higher to 11,625 and 11,650 levels. Key supports below 11,530 are at 11,500 and 11,475.

Strategy: Buy in declines while maintaining a stop-loss at 11,530

Supports: 11,530 and 11,500

Resistances: 11,600 and 11.625

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