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Nifty 50 June Futures (10,838)
The Nifty 50 and the Sensex started on a positive note. After an initial decline, both the indices continued to trend upwards witnessing buying interest. The market breadth of the Nifty 50 index is biased towards advances. Among the sectoral indices, the Nifty Pharma leads the group by gaining 2.5 per cent and FMCG has advanced about 1 per cent while the Nifty Metal index marginally trades in the red.
The June month Nifty futures contract opened at 10,797 and began the session on a positive note. The contract recorded an intra-day low of 10,780 and resumed its up-move, breaching the key immediate resistance at 10,800. Though the contract continues to move higher, it trades at a discount to the underlying Nifty index, indicating slight caution. That said, the near-term outlook will remain bullish as long as the contract trades above 10,800 levels. Traders with a near-term view can buy the contract in declines with a stop-loss at 10,810 levels. Key immediate resistances are at 10,850 and 10,875. Supports to watch are placed at 10,775 and 10,750 levels. A decisive fall below the second support can drag the contract down to 10,730 and 10,710 levels.
Strategy : Buy in declines with a stop-loss at 10,810 levels.
Supports : 10,800 and 10,775
Resistances : 10,850 and 10,875
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