Comments
Nifty 50 July Futures (10,934) Taking cues from the negative US futures market, the Asian indices began the session in negative territory. The Nikkei 225 is down by 1.2 per cent and the Hang Seng index has tumbled 1.6 per cent in today's session.
The domestic benchmark indices - the Nifty and Sensex - also started the session in the red and started to witness choppiness thereafter. Both the indices are trading almost flat. The market breadth of the Nifty 50 is slightly biased towards declines.
The Nifty July futures contract started the session in negative territory at 10,936. However, the contract bounced back into the green to mark an intra-day high at 10,967 levels. Witnessing selling pressure at higher levels, the contract began to decline and has slipped below the key intra-day support level of 10,950, to record a low at 10,918 levels. Traders can make use of intra-day rallies to go short, with stop-loss at 10,960 levels.
The contract can test the key support at 10,900. A decisive fall below this level can drag the contract down to 10,875 and 10,850 levels. The next key supports below these levels are placed at 10,830 and 10,800. Resistances above 10,950 are at 10,975 and 11,000.
Strategy: Make use of intra-day rallies to sell the contract with a fixed stop-loss at 10,965 levels.
Supports: 10,900 and 10,875
Resistances: 10,950 and 10,975
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.