Comments
Nifty 50 June Futures (10,771)
Taking cues from the bounce-back in Asian markets, the Nifty and the Sensex commenced the session with a gap-up open and continued to trade in the green.
The Nikkei 225 recovered from the day's low and surged 1.2 per cent to 22,555 levels and the Hang Seng Index also advanced 1 per cent to 29,767. The Nifty and Sensex gained about 0.6 per cent in today's session.
The Nifty June month contract started the session in the positive territory, opening at 10,725 and continued to move higher. The contract surpassed its immediate resistance at 10,750 and extended its rally to record an intra-day high at 10,779 levels. The contract has key resistances at 10,780 and 10,800.
Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 10,740 levels. A strong rally above 10,780 can take the contract higher to 10,800.
An emphatic break above 10,800 can strengthen the up-move and push the contract northwards to 10,825 and 10,850 levels in the near term.
On the other hand, key supports are at 10,750 and 10,725 which could cushion the contract's decline. But a decisive plunge below 10,725 can drag the contract down to 10,700. Next key supports are at 10,675 and 10,650 levels.
Strategy : Consider taking long positions with a fixed stop-loss at 10,740 levels.
Supports : 10,750 and 10,725
Resistances: 10,780 and 10,800
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.