Wednesday, June 16, 2021
Home Business Nifty Call: Sell on rallies with stop-loss at 11,925 levels

Nifty Call: Sell on rallies with stop-loss at 11,925 levels

Nifty 50 October Futures (11,885)

Tracking the US markets and Asian markets, the domestic benchmark indices – the Sensex and the Nifty 50 started the session in negative territory and continued to trend downwards. The US indices – the Dow Jones and the S&P 500 index declined, 0.35 per cent and 0.22 per cent respectively last session. The Nikkei 225 has slumped 0.7 per cent to 23,474 while Hang Seng index is trading flat at 24,770 in today’s session. The Sensex has declined 0.5 per cent and Nifty 50 index has fallen 0.5 per cent so far. The market breadth of the Nifty 50 is biased towards declines. The India VIX has advanced 0.8 per cent to 23.1 levels. The Nifty mid and small-cap indices are trading mixed. Among the sectoral indices, the top loser is Nifty Pharma which has slumped 1.1 per cent followed by Nifty PVT Bank that has fallen 0.6 per cent. Gainers are Nifty metal and media which have climbed 0.6 per cent each.

The Nifty 50 October month contract started the session with a gap-down at 11,889. After marking an intra-day high at 11,925 the contract started to decline. The near-term stance stays bearish as long as the contract trades below 11,920 levels. Traders can make use of intra-day rallies to go short with a stop-loss at 11,925. It can test support at 11,850. A decisive fall below this base can drag the contract down to 11,835 and then to 11,800 levels. Key resistances above 11,920 are at 11,950 and 11,975 levels.

Strategy: Sell on rallies with a stop-loss at 11,925 levels

Supports: 11,850 and 11,835

Resistances: 11,920 and 11,950

BL Research Bureau

Source link


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

‘Mario Party Superstars’ revives classic boards and games | Engadget

When Nintendo releases Mario Party Superstars on October 29th, it will give fans the chance to revisit some of their favorite moments from...

Apple Says It’s Time to Digitize Your ID, Ready or Not

If you've ever scanned a digital boarding pass directly from your phone at airport security, you can imagine how doing the same...

iQoo Z3 review: A Powerful Smartphone at the Right Price

Vivo's sub-brand iQoo is no stranger to 5G. It has launched four smartphones in India so far, and all of them (including the...

Deutsche Bank set for $1 billion windfall from shipping co bets – Bloomberg By Reuters

© Reuters. The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/Files (Reuters) - Deutsche Bank ...

Recent Comments

Close Bitnami banner