Nifty 50 began today’s session at 25,313 versus yesterday’s close of 25,279. After opening, the index fell and is now at 25,260.
The advances/ declines ratio stands at 23/27, giving the index a slight bearish bias. Sun Pharmaceuticals, up 0.9 per cent, is the top gainer, whereas Bajaj Finance, down 1.4 per cent, is the top loser.
Although the benchmark index is flat, the mid- and small-cap indices are in the green. Nifty Pharma, up 0.75 per cent, is the top gainer. On the other hand, Nifty Media, down 0.35 per cent, is the worst performing sectoral index.
Among the major equity indices, Nikkei 225 (38,660), ASX 200 (8,100), Hang Seng (17,600) and KOSPI (2,670) are down between 0.1 and 0.5 per cent.
Nifty 50 futures
The September futures of Nifty 50 began the session flat at 25,338 versus yesterday’s close of 25,340. It is now hovering around 25,340.
The chart shows that Nifty futures has a support at 25,250 and until this level holds, the bias will be bullish. This leaves the chance for a rally high. On the upside, the contract can rise to 25,500.
But if the price slips below the support at 25,250, we will most likely see a downswing to 25,100 and then to 25,000.
Trading strategy: Go long on Nifty futures for intraday if it rises above 25,370. Target and stop-loss can be 25,500 and 25,300 respectively.
Supports: 25,250 and 25,100
Resistance: 25,500 and 25,800