BL Research Bureau

Nifty 50 July Futures (15,802)

Taking negative cues from the weak Asian markets, the Sensex and the Nifty 50 started the session flat and slipped into the negative territory. The Nikkei 225 is down by 0.8 per cent to 28,812 levels, and the Hang Seng index is also declined by 0.9 per cent to 28,995 levels in today's session. The Sensex and the Nifty 50 are down by 0.2 per cent and 0.23 per cent, respectively. The market breadth of the Nifty 50 is biased towards declines. India VIX has also fallen by 1.2 per cent to 13.2 levels. The Nifty mid and small-cap indices are mixed.

The Nifty mid-cap index has fallen marginally by 0.2 per cent, while the Nifty small-cap index is up by 0.2 per cent. Buying interest is seen in the Nifty pharma and FMCG indices that have climbed 0.5 per cent and 0.34 per cent correspondingly. On the other hand, selling pressure has dragged the Nifty metal and Nifty Bank indices which have fallen 0.8 per cent and 0.7 per cent, respectively.

The June Nifty futures contract began the session marginally in the negative territory, opening at 15,843 levels. After marking an intraday high at 15,860, the contract slipped in the negative territory and recorded an intraday low at 15,763 levels. But, the contract recovered from the intraday low and now testing 15,800 levels. A strong rally above the immediate resistance level of 15,830 can take the contract higher to 15,860 and then to 15,880 levels. Traders can go long on a rally above 15,830 levels with fixed stop-loss. Immediate supports are placed at 15,770 and 15,750 levels.

Strategy: Fresh long positions can be initiated on an up-move above 15,830 levels with fixed stop-loss

Supports: 15,770 and 15,750

Resistances: 15,830 and 15,860

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