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Nifty 50 June Futures (11,830)
The Sensex and the Nifty began the session in negative territory and immediately entered the positive territory. After initial gains, the key indices began witnessing selling interest at higher levels and began to decline.
The market breadth of the Nifty index is biased towards advances. The India VIX is up by 0.8 per cent to 15.13 levels. The Nifty mid and small-cap indices have climbed 0.63 per cent each.
The Nifty June month contract commenced the session with a gap-down open at 11,774. After recording an intra-day low at 11,767 the contract began to trend upwards. It has marked an intra-day high at 11,852 levels. The contract tests a key resistance at 11,850.
A strong rally above this level can take the contract higher to 11,875 and 11,900 levels. Key supports are at 11,800 and 11,775. Traders can make use of dips to buy the contract as long as it trades above 11,810 levels with a fixed stop-loss. Avoid taking fresh long positions on a decisive fall below 11,800 levels.
Strategy: Buy in dips with a stop-loss at 11,810 levels
Supports: 11,800 and 11,775
Resistances: 11,850 and 11,875
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