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Nifty 50 July futures (24,414)
Nifty 50 is trading lower. The index opened with a slight gap-up but failed to sustain higher. It has come down from the intraday high of 24,461 giving back all the gain. Nifty is currently trading at 24,356, down 0.3 per cent. The advances/declines ratio is at 18:32. This is negative.
Nifty 50 outlook
The immediate outlook is negative. But strong intraday support is at 24,290. An intraday dip to 24,300-24,290 is possible. However, we can expect the Nifty to reverse higher from around 24,300. Such a bounce can take the Nifty up to 24,400-24,450 again.
In case Nifty declines below 24,290, it can fall to 24,250 or 24,200 during the day.
Nifty 50 futures
The Nifty 50 July futures (24,414) is down 0.3 per cent. There is room for the contract to fall further towards 24,350-24,330 during the day. But thereafter we can expect the contract to reverse higher again. Such a reversal can take the Nifty 50 July Futures contract up to 24,500-24,550 again.
The contract will come under pressure to fall more only if it declines below 24,330. In that case, 24,250 can be seen on the downside.
Trading strategy
Traders can wait for a fall. Go long at 24,360 and 23,340. Keep the stop-loss at 24,285 initially. Trail the stop-loss up to 24,380 as soon as the contract moves up to 24,405. Move the stop-loss further up to 24,420 when the contract touches 24,445. Exit the long positions at 24,480.
Supports: 24,330, 24,250
Resistances: 24,450, 24,550
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