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Nifty 50 June futures (11,915)
The Sensex and the Nifty began the session with a gap-up open, taking positive cues from the Asian markets. But the benchmark indices started to decline witnessing selling pressure at higher levels. The Asian indices, the Nikkei 225, has gained 1.5 per cent to 21,134 and the Hang Seng index has jumped 2.4 per cent to 27,600 levels.
The market breadth of the Nifty index is biased towards advances. The volatility index, India VIX, has gained 2.6 per cent to 15.22 levels. Following a gap-up open at 11,950 levels, the Nifty June month contract started to decline after recording an intra-day high at 11,994 levels. But the contract found support recording an intra-day low at 11,885 levels and began to trend upwards.
A strong rally above 11,925 is needed to bring back buying interest and take the contract higher to 11,950 and then to 11,975 levels. Traders can go long on a strong rally above 11,925 with a fixed stop-loss. A key resistance above 11,975 is at 12,000.
On the other hand, a conclusive fall below 11,900 level can strengthen selling pressure and drag the contract down to 11,880 and then to 11,850 levels. Next key supports are at 11,830 and 11,800 levels.
Strategy: Go long on a strong rally above 11,925 levels with a fixed stop-loss
Supports: 11,900 and 11,880
Resistances: 11,925 and 11,950
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