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Nifty 50 July futures (11,173)
The bellwether indices − the Nifty and Sensex − started the session with a gap-up opening and continue to hover in positive territory. This rally is backed by strong gains in the Nifty PSU Bank index and Bank Nifty, which have surged 3.8 per cent and 1 per cent, respectively, in today's session.
The market breadth of the Nifty index is biased towards advances. India VIX has corrected 4 per cent to 11.69 levels. The July month Nifty futures contract commenced the session with a gap-up, opening at 11,149. After an initial decline to the intra-day low of 11,142, the contract continued to move upwards, breaching a key resistance at 11,150 levels.
The contract has marked an intra-day high at 11,181 levels. The near-term outlook for the contract is bullish. Traders with a near-term view can buy the contract on dips, with a stop-loss at 11,145 levels.
The contract can re-test its immediate resistance at 11,180 and a move higher than that level can make it test the next resistance at 11,200 in the near term. A strong rally beyond 11,200 can take the contract northwards to 11,225 and 11,250 levels. Key supports below 11,150 are at 11,130 and 11,100.
Strategy: Buy the contract on dips with a stop-loss at 11,145 levels
Supports: 11,150 and 11,130
Resistances: 11,180 and 11,200
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