Nifty 50, the Indian benchmark index, opened flat at 24,681 versus yesterday’s close of 24,699. It is currently hovering around 24,700.
The advance/decline ratio stands at 32/18, giving the index a bullish bias. Divi’s Laboratories is the top gainer by appreciating 3.3 per cent; UltraTech Cement, down 1.6 per cent, is the top loser.
Although the benchmark index is flat, the mid- and the small-cap indices have inched up. Among the sectors, Nifty Pharma, up 0.8 per cent, is the top gainer whereas Nifty Realty, down 1 per cent, is the top loser.
The Asian equity market is showing a bearish bias. Nikkei 225 (37,970) and Hang Seng (17,330) are down 0.4 and 1 per cent respectively. ASX 200 (7,990) and KOSPI (2,700) are down 0.1 per cent each.
Nifty 50 futures
The August futures of Nifty 50 opened today’s session at 24,698 versus yesterday’s close of 24,711. It is currently hovering around 24,740, up 0.1 per cent.
The contract is now at a support and there is a good chance for the contract to see a rebound. On the upside, Nifty futures can extend up to 25,000.
In case the contract slips below the nearest support at 24,680, the intraday trend can turn bullish. In this case, the price can see a drop to 24,600 and then possibly to 24,550.
Trading strategy
Go long on Nifty futures at 24,740 and accumulate if the price dips to 24,680. Keep a stop-loss at 24,600. Exit at 25,000.
Trade can carry this trade over to upcoming sessions as the contract can take some time to hit 25,000.
Supports: 24,680 and 24,600
Resistance: 25,000 and 25,200