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The Nifty 50 opened today’s session at 23,586 versus yesterday’s close of 23,516. But it has moderated and is now hovering around yesterday’s closing level.
Adani Ports is the top gainer in the index, having advanced 1.6 per cent so far today, whereas Sun Pharmaceutical Industries, down 1.7 per cent, is the biggest loser.
All mid- and small-cap indices are in the green. Among the sectors, Nifty Metals, up 1.4 per cent, is the top gainer. Nifty Pharma, down 1.6 per cent, is the top loser.
Broadly, the benchmark index – Nifty 50 – is now trading near a support and is likely to rally from here.
Nifty 50 futures
The June futures of the Nifty 50 opened higher at 23,526 versus yesterday’s close of 23,504. It is now trading at 23,515.
The contract has trendline support at 23,480. Subsequent support is at 23,430. We expect an intraday rally on the back of these bases. This potential upmove can lift Nifty futures to 23,650.
On the other hand, if the contract slips below 23,430, the intraday trend will become bearish. In this case, the price could decline to 23,350 and then to 23,250.
Trading strategy
Since Nifty futures is near a support, traders can buy now at 23,515, with a stop-loss at 23,430. Book profits at 23,650.
Supports: 23,480 and 23,430
Resistance: 23,500 and 23,650
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