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Nifty 50 August Futures (11,561)
The Sensex and the Nifty started the session on a negative note and subsequently entered the positive territory. However, the bullish momentum failed to sustain and the bellwether indices re-entered the negative territory due to selling pressure and profit-booking at higher levels.
Moreover, the global cues are also mixed. The Nikkei 225 index surged 0.8 per cent to 22,601 while Hang Seng index slumped 0.5 per cent to 27,661. The US market ended on a negative note in the previous session.
August month futures contract commenced the session on a negative note, opening at 11,580 levels. After marking an intra-day high of 11,605, the contract began to decline witnessing selling interest. The contract entered the negative territory subsequently and continues to feature in the negative zone.
Traders can sell the contract on a fall below 11,550 levels with a fixed stop-loss. The contract can decline to 11,525 and 11,500 levels. Next supports below 11,500 are at 11,480 and 11,460 levels. Key resistances are at 11,580 and 11,605 levels.
Strategy : Go short on a fall below 11,550 with a stop-loss at 11,565
Supports: 11,550 and 11,525
Resistances : 11,580 and 11,600
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