Technical Analysis

Nifty Call for June Futures: Desist trading in contract for the session

Yoganand D, BL Research Bureau | Updated on May 31, 2019 Published on May 31, 2019

Nifty 50 June Futures (11,866)

The Sensex and the Nifty began the session in positive note with a gap-up open. After recording intra-day high, the key benchmark indices began to decline and plunged sharply in to the negative territory. Subsequently the indices turned volatile.

The market breadth of the Nifty index is currently biased towards declines. The India VIX has jumped 4.8 per cent to 16.35 levels. Witnessing selling pressure, the Nifty small cap index has slumped 1.3 per cent.

The Nifty June month contract began the session with a gap-up open at 12,001. The contract registered an intra-day high at 12,047 and started to decline experiencing selling pressure. Subsequently, the contract plummeted into the negative territory, breaking a key support at 11,900 and marked an intra-day low at 11,828 levels.

But, the contract immediately bounced up and tuned volatile. The contract is range-bound. Key supports are at 11,850 and 11,830. Subsequent supports below 11,830 are placed at 11,800 and 11,775.

On the upside, it can encounter resistance at 11,925 and 11,950 levels. Traders should desist trading in the contract for the session.

Strategy: Due to volatility, desist trading in the contract for the session

Supports: 11,850 and 11,830

Resistances: 11,900 and 11,925

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