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Nifty 50 July futures (24,644)
The Nifty sustains higher and continues to move up. It is currently trading at 24,624, up 0.16 per cent. The bias is positive, and further rise is on the cards this week. The advances/declines ratio is at 32:18. This is positive.
Nifty 50 outlook
Nifty (24,624) has good intraday supports at 24,580 and 24,540. Intraday resistance is at 24,660. The chances are high for the index to break this resistance and rise to 24,750-24,800 in the coming sessions.
Nifty has to decline below 24,540 to come under pressure. In that case, a fall to 24,450-24,400 is possible.
Nifty 50 Futures
The Nifty 50 July Futures (24,644) is trading marginally higher. Strong intraday support is in the 24,600-24,580 region. Outlook is bullish to see a rise to 24,700-24,750 in the coming sessions.
The above-mentioned rise will get negated only if the Nifty 50 July Futures contract declines below 24,580. That in turn can drag the contract down to 24,500 and lower.
Trade Strategy
Traders can go long now at 24,644. Accumulate on dips at 24,610. Keep the stop-loss at 24,575. Trail the stop-loss up to 24,670 as soon as the contract goes up to 24,695. Move the stop-loss up to 24,710 when the contract touches 24,720. Exit the long positions at 24,735.
Supports: 24,580, 24,500
Resistances: 24,700, 24,750
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