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Nifty 50 July Futures (24,566)
Nifty 50 is managing to hold higher. The index opened with a gap-up at 24.587 and has come-off slightly from the intraday high of 24,598. It is currently trading at 24,546, up 0.19 per cent. The advances/declines ratio is at 34:16. This leaves the bias positive.
Nifty 50 outlook
Nifty (24,546) has cluster of supports in the 24,450-24,400 region. So, an intraday dip below 24,500 if seen can be limited. As long as the index trades above the 24,450-24,400 support zone, the outlook will remain bullish.
Intermediate resistance is at 24,600. A break above it can take the Nifty 50 index up to 24,800-24,850 this week.
Nifty 50 Futures
The Nifty 50 July Futures contract (24,566) is up 0.19 per cent. The contract has strong support at 24,500 and 24,450. The chances are high for it to trade above 24,500 itself. The outlook is bullish. Resistance is around 24,600. A break above it can take the Nifty 50 July Futures contract up to 24,700 today.
The outlook will turn negative only if the contract declines below 24,450. If that happens, a fall to 24,400 and even lower levels can be seen.
Trade Strategy
Traders can go long now at 24,566. Accumulate on dips at 24,530. Keep the stop-loss at 24,460 initially. Trail the stop-loss up to 24,590 as soon as the contract moves upto 24,610. Move the stop-loss further up to 24,640 when the contract touches 24,670. Exit the long positions at 24,700.
Supports: 24,500, 24,450
Resistances: 24,600, 24,700
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