Nifty 50 August Futures (11,413)
Triggered by negative global cues, the Nifty and the Sensex began the session with a gap-down open. The Nikkei 225 plunged almost 2 per cent to 21,857 and Hang Seng index slumped 1.5 per cent to 27,937 levels.
The US futures index is hovering in the negative territory. Both the Nifty and the Sensex found support at the intra-day low and are in a recovery mode. Both need a decisive close above the key resistances at 11,430 and 37,850 levels, respectively.
The Nifty August futures started the session with a gap-down open at 11,374 and marked an intra-day low of 11,354. Subsequently it recovered to record an intra-day high of 11,423. That said, the contract needs to break above the key resistance at 11,440 to strengthen the bullish momentum.
Traders should tread with caution and consider initiating fresh long positions on a strong rally beyond 11,440 levels with a fixed stop-loss. Next resistances are at 11,460 and 11480 levels.
Key supports are placed at 11,375 and 11,350 levels. A conclusive fall below 11,350 can drag the contract down to 11,330 and 11,300 levels.
Strategy : Go long on a rally beyond 11,440
Supports : 11,440 and 11,460
Resistances : 11,375 and 11,350
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.