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Nifty 50 July futures (11,548)
The Sensex and the Nifty started the session with a gap-up open. But after an initial rally, the key indices began to witness selling pressure and subsequently turned choppy.
The market breadth of the Nifty index is biased towards declines. The India VIX has gained 3.4 per cent to 12.41. Both the Nifty mid and small-cap indices are experiencing selling pressure and have declined 0.9 per cent and 0.6 per cent respectively.
While the Nifty IT index has jumped 1.8 per cent, the Nifty PSU bank index has fallen 2.6 per cent, dragging the benchmark index in today's session.
The Nifty July month contract began the session with a gap-up open at 11,583. After marking an intra-day high at 11,599, the contract started to decline due to selling pressure at higher levels and the presence of a key resistance at 11,600.
The contract has marked an intra-day low at 11,515 and is moving sideways in a narrow band between 11,520 and 11,570. A break-out in either direction will give near-term direction to the contract. A strong rally above 11,570 can take the contract higher to 11,600. A further breakthrough of this barrier can push the contract northwards to 11,625 and 11,650 levels. On the other hand, a strong fall below 11,520 can drag the contract down to 11,500. Next key supports are at 11,480 and 11,450 levels.
Strategy: The contract is range-bound between 11,520 and 11,570. Tread with caution.
Supports: 11,520 and 11,500
Resistances: 11,570 and 11.600
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