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Nifty 50 June futures (18,717)
The Nifty 50 and Sensex are holding higher. The uptrend has strengthened after the wide gap-up open on Monday. Both the indices are up about 0.2 per cent each. The Nifty is trading at 18,640 and Sensex at 62,967.
The Nifty is getting support around 18,580. As long as the contract stays above this support, the outlook for it to see 18,700-18,800 this week is bullish.
Global indices
The Asian markets are trading mixed. The Nikkei 225 (31,236) and Kospi (2,577) are up, while the Hang Seng (18,369) and Shanghai Composite (3,198) are in the red.
The US markets were closed yesterday. The development on the US debt ceiling deal will play an important role in moving the markets over the next few days.
Nifty 50 Futures
The Nifty 50 June futures (18,717) is up 0.23 per cent. The contract has to breach the important intraday resistance at 18,740 to move up towards 18,800 and higher.
The failure to break above 18,740 can take the contract down to 18,650 during the day. Broadly, 18,650-18,740 is the range of trade now. A breakout on either side of this range will determine the next leg of move.
A break below 18,650 can take the contract down to 18,600.
Trading strategy
For today, we suggest that traders stay out of the market. See on which side the range breakout happens. Trades can be taken accordingly in the coming days.
Supports: 18,650, 18,600
Resistances: 18,740, 18,850
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