Nifty 50 June Futures (15,670)
The benchmark indices – the Nifty 50 and the Sensex – opened the session with a gap-up in the present day taking constructive cues from the Asian market. At the moment, Nifty 50 is at 15,690 and Sensex 52,680, up by 0.9 and 0.Eight per cent, respectively.
Main Asian indices particularly Nikkei 225, ASX 200, Cling Seng and KOSPI are up within the vary of 0.8 – 2.5 per cent.
The market breadth of the Nifty 50 index offers a bullish bias because the advance/decline ratio stands at 41/9. All mid- and small-cap indices are within the inexperienced the place most of them are up by over 1 per cent. Barring the Nifty IT (down by 0.7 per cent), all of the sectoral indices are within the inexperienced. The Nifty Media, up by 2.three per cent is the highest gainer adopted by the Nifty Auto, up by 1.three per cent.
Nonetheless, the indices are at a important resistance degree and the general bearish bias, which has been in place over the previous few months, has not modified. The brief and medium-term outlook nonetheless stays weak.
Futures: Just like the underlying Nifty 50, the June futures of the index opened in the present day’s session increased at 15,650 in comparison with yesterday’s shut of 15,573. It then rallied to hit an intraday excessive of 15,748 and moderated to the present degree of 15,670.
Word that 15,750 is a powerful resistance and the fast subsequent hurdle is at 15,800. Additionally, a falling trendline falls inside this vary, making the resistance stronger. Till 15,800 is decisively breached, the bias can be bearish, and recommend contemplating brief positions on rallies.
On the present degree of 15,670, merchants can go brief on Nifty futures. Add extra shorts if the contract strikes as much as 15,750 and preserve stop-loss at 15,850. When the contract falls beneath 15,600, tighten the stop-loss to 15,750. Revise it down additional to 15,625 when it slips beneath 15,500. Exit the shorts at 15,350.
Technique: Go brief on Nifty futures now at 15,670. Add extra shorts if the contract strikes as much as 15,750 and preserve stop-loss at 15,850. When the contract falls beneath 15,600, tighten the stop-loss to 15,750. Revise it down additional to 15,625 when it slips beneath 15,500. Exit the shorts at 15,350.
Helps: 15,500 and 15,350
Resistances: 15,750 and 15,800
June 24, 2022