NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE |INDIAN STOCK LIVE |NIFTY LIVE | UPDATES JULY 13 2020
Taking positive cues from the Asian markets, the Indian benchmarks opened with a gap-up and rallied initially. However, it started to give up some of its gains, and the Nifty 50 spot and the Sensex spot indices are now trading higher 0.6 per cent and 0.4 per cent, respectively.
The July futures contract of the Nifty 50 index opened the session higher at 10,834 versus Friday’s close of 10,766. Post opening, the contract rallied and registered a fresh intraday high of 10,879, but soon it began sliding; it is now below the opening price, hovering around 10,825. So, even as the trend is bullish, the contract should be able to sustain above 10,850 to establish a sustainable rally. Considering these factors, traders can initiate fresh long positions if the contract sustains above 10,850. Stop-loss can be at 10,800.
Strategy: Buy the contract if it sustains above 10,850
Supports: 10,800 and 10,750
Resistances: 10,850 and 10,900