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Nifty 50 July futures (24,200)
The Nifty continues to move higher. The index touched a new high of 24,174 and has come down slightly from there. It is currently trading at 24,134, up 0.37 per cent. The advances/ declines ratio is at 31:19. This is positive and indicates that sentiment is positive and a further rise is on the cards for the day.
Nifty 50 outlook
Intraday support can be at 24,100. Below that, 24,000 will be the next important support. As long as the Nifty trades above these supports, the bias will remain positive. A rise to 24,400 looks possible in the coming sessions.
Nifty has to fall below 24,000 to turn the bias negative. In that case, it can test 23,900-23,800 on the downside.
Nifty 50 futures
The Nifty July futures (24,200) is up 0.43 per cent. Strong support is seen around 24,100, and resistance around 24,230. A break above this resistance can take the Nifty 50 July futures contract up to 24,500-24,550 in the coming days.
The near-term outlook will turn negative only if the Nifty declines below 24,100. If that happens, a fall to 24,000-23,900 is possible, though it looks less likely.
Trade Strategy
Traders can wait for dips. Go long at 24,120. Keep the stop-loss at 24,080. Trail the stop-loss up to 24,140 as soon as the contract moves up to 24,160. Move the stop-loss further up to 24,170 when the contract touches 24,190 on the upside. Exit the long positions at 24,210.
Supports: 24,100, 24,000
Resistances: 24,230, 24,500
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