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Nifty 50 July Futures (11,972)
The domestic equity indices- the Sensex and the Nifty began the session in green and continued to trend upwards. The Asian markets are showing mixed cues while the US markets had closed last session on a positive note. The market breadth of the Nifty index is biased towards advances. The volatility index India VIX has declined 2.2 per cent to 13.39 levels. The Nifty PSU Bank index and Realty are witnessing buying interest and has gained 1.4 per cent and 1.7 per cent respectively.
The Nifty July month contract started the session at 11,947. After registering an intra-day low at 11,942 the contract began to trend upwards and recorded an intra-day high at 11,984 levels. The near-term outlook is bullish. Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 11,950 levels. A strong rally above 11,985 can take the contract higher to 12,000. Next key resistances are at 12,025 and 12,050 levels. On the other hand, a strong fall below the immediate support level of 11,950 can drag the contract down to 11,925 and 11,900 levels.
Strategy : Buy in dips with a fixed stop-loss at 11,950 levels
Supports: 11,950 and 11,925
Resistances: 11,985 and 12,000
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