Comments
Nifty 50 June Futures (18,904)
Nifty 50 and Sensex are trading flat. Although the Nifty is sustaining above 18,800, the price action since Wednesday indicates a lack of momentum. However, as long as it stays above 18,800 the outlook is bullish. Nifty can rise to 19,000 in the near-term. The index is currently trading at 18,860.
Global indices
In Asia, barring Kospi (2,595), up 0.5 per cent other major indices are in red. Hang Seng (19,218) has been beaten down the most. The index is down about 2 per cent.
Also read: Stocks to watch today-June 22, 2023
In the US, the Dow Jones Industrial Average (33,951) continues to fall. It has come down below the key level of 34,000. A further fall to 33,700 is likely in the near-term.
Nifty 50 Futures
The Nifty 50 June (18,904) is trading flat. An important intraday resistance is at 18,930. A strong break above it can take the contract up to 19,000-19,100 in the coming sessions.
Also read: Day Trading Guide for June 22, 2023: Intraday supports, resistances for Nifty50 stocks
Support is at 18,500. A break below it can drag the Nifty 50 June Futures contract down to 18,000.
The bias is bullish to see a break above 18,930 and rise to 19,000.
Trade Strategy
Traders can wait and go long on a break above 18,930. Keep the stop-loss at 18,910. Trail the stop-loss up to 18,955 as soon as the contract moves up to 18,970. Exit the longs at 18,990.
Supports: 18,850, 18,800
Resistances: 18,930, 19,000
Also read: Stock to buy today: Vardhman Textiles (₹373.05)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.