Technical Analysis

Nifty Call: Desist trading in band between 11,700 and 11,760

Yoganand D, BL Research Bureau | Updated on June 24, 2019 Published on June 24, 2019

Nifty 50 June Futures (11,735)

The Sensex and the Nifty started the session on flat note and slipped into negative territory. The Asian markets are trading flat, the Nikkei 225 is marginally up by 0.13 per cent to 21,285 and Hang Seng index also inched 0.13 per cent to 28,511 levels.

Both the Sensex and the Nifty are wavering between positive and negative territory. The market breadth of the Nifty index is biased towards declines. The India VIX, volatility index has jumped 5 per cent to 15.35 levels. The selling pressure is witnessed in the Nifty metal index which is down almost 1 per cent.

The Nifty June month contract began the session with a gap-down open at 11,730. After an initial rally, the contract marked an intra-day high at 11,782 and began the decline. It has marked an intra-day low at 11,693 levels. The contract is range-bound between 11,700 and 11,760.

As long as the contract trades in this band, avoid trading. A strong fall below 11,700 will strengthen the downtrend and drag the contract down to 11,675 and 11,650 levels. In that case, traders can go short with a fixed stop-loss.

On the other hand, an emphatic break above 11,760 will bring back bullish momentum and take the contract higher to 11,780 and then to 11,800 levels. Next key resistances are at 11,820 and 11,850 levels.

Strategy: The contract is range-bound. Desist trading for the session.

Supports: 11,700 and 11,675

Resistances: 11,760 and 11,780

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