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The Nifty 50 (18,780) and Sensex (63,300) are up by about 0.15 per cent each. This follows bullish cues from the Asian market – the Nikkei 225 (33,660), ASX 200 (7,180) and Hang Seng (19,555) are up between 0.2 and 0.75 per cent so far.
Supporting the bullishness, the advances/declines ratio of the Nifty 50 stands at 35/15. Moreover, all the mid- and small-cap indices have appreciated so far today.
Among the sectors, Nifty Healthcare and Nifty Pharma, up by 1.1 and 1 per cent, respectively, are the top gainers. At the other end, Nifty IT, down by nearly 0.5 per cent, is the top loser among the few sectors that are down today.
Nifty 50 futures
The June futures contract of the Nifty 50 opened today’s session flat at 18,818. It has now risen to 18,855. Thus, it has moved above a key level at 18,835, opening the door for a further rally. The contract could potentially touch 19,000 today.
In case there is a decline, a dip below 18,835 is less likely. Even if it occurs, 18,800 is expected to arrest the fall.
Trading strategy
Buy Nifty futures at the current level of 18,855. Add more longs in case the price dips to 18,835. Place stop-loss at 18,780. Exit at 19,000.
Note that the above recommendations are for intra-day only.
Supports: 18,835 and 18,800
Resistance: 18,900 and 19,000
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