Nifty 50, the Indian benchmark index, opened today’s session almost flat at 24,329 versus Friday’s close of 24,324. It is now hovering around 24,290, down about 0.1 per cent in early trade.

Tata Motors and Hindustan Unilever, up 1.8 and 1.3 per cent, respectively, are the top gainers in Nifty 50. On the other hand, Titan Company and Divi’s Laboratories are the top losers by depreciating 4 and 1.8 per cent, respectively.

The advance/decline ratio of Nifty 50 stands at 20/30, giving the index a bearish bias. As it stands, the mid- and the small-cap indices are largely in the green

Among the sectors, Nifty FMCG, up 1.2 per cent, is the outperformer. Nifty Consumer Durables is the top loser by falling 1.2 per cent so far today.

The equity market across Asia is mixed. While Nikkei 225 is up 0.2 per cent, ASX 200 and Hang Seng have lost 0.6 and 1.6 per cent respectively. KOSPI is flat.

Nifty 50 futures

The July futures of Nifty 50, too, opened flat at 24,379. It is now trading around 24,340, down nearly 0.2 per cent.

The price action hints that Nifty futures might see a decline from here, probably to 24,100, and then rally. A rebound from 24,100 can lift the contract to 24,800, a resistance, quickly. Subsequent barrier is at 25,000.

In case the contract falls below 24,100, it can extend the downswing to 23,800 and then possibly to 23,500.

Nevertheless, the broader trend remains bullish, and traders can consider going long if Nifty futures decline.

Trading strategy

Stay on the fence for now. For intraday, traders can buy Nifty futures if it surpasses 24,450. Target and stop-loss can be 24,800 and 24,275 respectively.

Supports: 24,250 and 24,100

Resistances: 24,450 and 24,800

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