Comments
Nifty July Futures (8,370)
After two days of resilience, the Indian Indices plunged. The Hang Seng tumbled 6 per cent and Nikkei 225 slumped 3 per cent in today's session.
Taking cues from the Asian markets, the Nifty futures opened the session with a gap down at 8,449 levels.
After an initial rally to mark an intra-day high at 8,464 levels, the contract resumed its downfall. It decisively breached the key support at 8,400 and went on to record an intra-day low at 8,342 levels, declining almost 2 per cent.
Moreover, the contract has also breached its 200-day moving average. Traders with a short-term perspective can make use of rallies to initiate short positions with a stop-loss at 8,400 levels. Resumption of the down move will pull the contract down once again to 8,340 and then to 8,320 and 8300. A decisive break through 8,300 can drag the contract further down to 8,275 levels. On the other hand, the contract can face resistances above 8,400 levels at 8,440 and 8,464 levels.
Strategy : Use rallies to initiate short positions with a stop-loss at 8,400
Supports : 8,340 and 8,320
Resistances : 8,400 and 8,440
Comments
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.