Nifty call: Nifty 50 July Futures (16,230)
[ad_1]
This week has seen a positive opening as the major Asian indices are trading in the green. ASX 200, Hang Sen and KOSPI are up in the range of 0.8 and 2.4 per cent. Following the cue, the Indian benchmark indices began the day with a gap-up open. The Nifty 50 at 16,205 and the Sensex at 54,275 are up by nearly 1 per cent each for the day.
The market breadth of the Nifty 50 index is showing a positive bias as the advance-decline ratio is at 42-8. Like the benchmark indices, all the mid and small cap indices are in the green, gaining over 1 per cent each. Similarly, all the sectoral indices are up indicating broad-based buying.
Futures: Like the underlying Nifty 50, the July futures of the index opened today’s session higher at 16,199 compared to last week’s close of 16,068. The contract moved up and is hovering around 16,230 and has not crossed over the hurdles at 16,150 and 16,200.
From here, it is likely to rally to 16,300 – the nearest resistance. A breakout of this level can lift the Nifty futures to 16,500.
Traders can consider buying Nifty futures at the current level of 16,230 and buy more when the contract dips to 16,150. Place the stop-loss at 16,100. When the contract rallies past 16,300, tighten the stop-loss to 16,175 and exit the longs at 16,500.
Strategy: Consider buying the contract at the current level of 16,230 and buy more when the contract dips to 16,150. Place stop-loss at 16,100. When the contract rallies past 16,300, tighten the stop-loss to 16,175. Exit the longs at 16,500
Supports: 16,200 and 16,150
Resistances: 16,300 and 16,500
Published on
July 18, 2022
[ad_2]
Source link