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Nifty 50 August Futures (11,577)
The Nifty and Sensex started the session on a positive note. However, the indices turned volatile thereafter and slipped into the negative territory. Both the bellwether indices are vacillating between positive and negative territory.
The market breadth of the Nifty index is biased towards advances. Nifty Realty and Nifty PSU Bank sectoral indices witnessed selling pressure and were down in the range of 0.7-1.4 per cent, while Nifty IT and Media were up about 0.8 per cent.
Following a strong rally in the last session, the Nifty August month futures contract began the session at 11,578.9 levels. After marking an intra-day high at 11,590, the contract started to decline witnessing selling pressure as well as profit-taking at higher levels.
The contract marked an intra-day low of 11,553 and reversed higher. The near-term outlook remains positive as long as the contract trades above the key support level of 11,550 levels.
Traders can make use of intra-day dips to buy the contract while maintaining a stop-loss at 11,545 levels. Continuation of the up move can test resistance at 11,590-11,600 band.
An emphatic breakthrough of this band can take the contract higher to 11,620 and then to 11,640 levels. Key supports below 11,550 are placed at 11,530 and 11,500.
Strategy : Buy in dips as long as the contract trades above 11,550
Supports: 11,550 and 11,530
Resistances: 11,590 and 11,600
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