Comments
Nifty 50 July futures (9,953) The Nifty futures contract started the session with a gap up, opening at 9,985. Thereafter, it marked an intra-day high of 9,994.8 and began to decline, experiencing selling pressure. The Asian markets are trading in negative territory, indicating a bearish trend. The Nifty futures contract breached its immediate support at 9,975 and found a base at 9,950. Currently, the contract is testing this support level with a negative bias.
The underlying Nifty 50 index is also witnessing selling pressure at higher levels. The market breadth is biased towards declines. Traders with a near-term perspective can sell the contract on rallies while retaining a fixed stop-loss at 9,975 levels. An emphatic plunge below the current support level of 9,950 can pull the contract down to 9,930 and 9,910 or 9,900 levels. A strong fall below 9,900 can find support at 9,880 and 9,860 levels. Key resistances at 9,975 and 9,995 can limit the upside for the contract.
Strategy: Consider going short on rallies, while retaining a fixed stop-loss at 9,975 levels.
Supports: 9,950 and 9,930
Resistances: 9,975 and 9,995
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.