Nifty 50, the Indian benchmark index, opened today’s session slightly lower at 24,445 versus yesterday’s close of 24,479. It is now hovering around 24,400, down 0.25 per cent in early trade.
The advance/decline ratio of Nifty 50 stands at 20/30, giving the index a bearish bias. Nevertheless, the mid- and the small-cap indices are largely in the green.
Among the sectors, Nifty Media is the top gainer by advancing 1.8 per cent. On the other hand, Nifty Private Bank, down 0.6 per cent, is the biggest loser so far today.
Nifty 50 Futures
The July futures of Nifty 50 began the session lower at 24,418 compared to yesterday’s close of 24,463. It is now trading at 24,410, down 0.2 per cent.
The contract is now trading between two key levels of 24,250 and 24,575. Only a breach of either of these levels can decide the next leg of trend.
If Nifty futures break out of 24,575, it can set-off for a move north to 24,800. But if the contract drops below 24,250, it can fall further to 24,000.
Trading strategy
As it stands, there is no clarity in the intraday trend as Nifty futures lie between a support and a resistance. Refrain from trading.
Supports: 24,250 and 24,000
Resistance: 24,575 and 24,800