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The Asian markets are sending out bearish alerts and following this, the Indian benchmark indices i.e., the Nifty 50 and the Sensex on Friday opened the session with a gap-down. At present, the Nifty 50 (15,290) and the Sensex (51,330) are down by 0.45 and 0.35 per cent, respectively.
Among the many Asian majors, Nikkei 225, ASX 200 and KOSPI have misplaced within the vary of 0.45-1.9 per cent. Whereas Dangle Seng is buying and selling positively and is up by about 1 per cent. However, the fairness market sentiment stays broadly unfavourable, and the home market might face extra sell-off.
Substantiating this, the market breadth of the Nifty 50 is bearish because the advance-decline ratio is at 12-38; all of the mid- and small-cap indices have misplaced over one per cent every and all of the sectoral indices, barring the Nifty Steel (up by 0.2 per cent), are within the pink. The Nifty Pharma is the highest loser, down by 2.5 per cent.
Futures: Just like the underlying Nifty 50, the June futures of the index opened at this time’s session decrease at 15,305 in comparison with yesterday’s shut of 15,349. It initially dropped sharply to hit a low of 15,211 and has recovered to the present stage of 15,320.
However the restoration might not maintain, and the contract might both resume the downswing from the present stage or after shifting as much as 15,500.
On the draw back, it could depreciate to fifteen,200 initially after which probably to fifteen,000 from the place there might be a bounce.
Given the above situations, one can think about going brief on Nifty futures in two legs. That’s, brief on the present stage of 15,320 and add extra shorts when it rallies to fifteen,500. Place preliminary stop-loss at 15,630. When the contract touches 15,200, tighten the stop-loss to fifteen,320. Tighten it additional to fifteen,220 when value falls to fifteen,100. Liquidate all of the shorts at 15,000.
Technique: Go brief on Nifty futures in two legs. That’s, brief on the present stage of 15,320 and add extra shorts when it rallies to fifteen,500. Place preliminary stop-loss at 15,630. When the contract touches 15,200, tighten the stop-loss to fifteen,320. Tighten it additional to fifteen,220 when value falls to fifteen,100. Liquidate all of the shorts at 15,000.
Helps: 15,200 and 15,000
Resistances: 15,500 and 15,600
Revealed on
June 17, 2022
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