Nifty 50 June Futures (8,244)
Taking cues from the strong US and European markets which advanced 1.7 per cent and around 3 per cent, respectively on Wednesday, the domestic indices opened on a positive note.
The Nifty futures contract started the session with a gap-up open at 8,255 levels. It then climbed further to mark an intra-day high at 8,275. But experiencing selling pressure and profit-taking, the contract began to decline. The selling pressure could strengthen on a decisive fall below the immediate support at 8,225.
Traders with a short-term view can initiate fresh short positions on a strong fall below 8,255 with a fixed stop-loss. The contract can decline to 8,200 and then to 8,175 levels. On the upside, a strong rally above 8275 can push the contract higher to 8,300 levels, with an immediate resistance placed at 8,255 levels.
Strategy: Consider initiating short position on a strong fall below the immediate support at 8,225 levels with a fixed stop-loss
Supports : 8,225 and 8,200
Resistances: 8,255 and 8,275
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.