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Nifty Call: Short Nifty at 15,670 as it closes at 15,750 . but faces stiff resistance

Nifty Call: Short Nifty at 15,670 as it closes at 15,750 . but faces stiff resistance

Nifty 50 June Futures (15,670)

Benchmark indices – Nifty 50 and Sensex – started the session with a gaping edge today, taking positive cues from the Asian market. Currently, Nifty 50 is up 0.9 and 0.8 per cent respectively at 15,690 and Sensex at 52,680.

Major Asian indices like Nikkei 225, ASX 200, Hang Seng and KOSPI are in the range of 0.8 – 2.5 per cent.

The market expansion of Nifty 50 index gives a bullish bias as the advance/decline ratio is 41/9. All mid- and small-cap indices are in the green, with most of them up more than 1 per cent. All sectoral indices are in the green except Nifty IT (down 0.7 per cent). Nifty Media was the top gainer followed by Nifty Auto, up 1.3 per cent, with a gain of 2.3 per cent.

However, the indices are at an important resistance level and the overall bearish bias, which has persisted over the past few months, has not changed. Short and medium term outlook remains weak.

Promise: Like the underlying Nifty 50, the June futures of the index opened at 15,650 in today’s session as compared to yesterday’s level of 15,573. Thereafter, it touched an intraday high of 15,748 and came down to the current level of 15,670.

Note that 15,750 is a strong resistance and the immediate next hurdle is at 15,800. Furthermore, a descending trend line is forming within this range, forming a strong resistance. Until 15,800 is decisively breached, the bias will be bearish, and suggest considering short positions on rallies.

Traders can go short in Nifty futures at the current level of 15,670. Add more shorts if the contract moves up to 15,750 and the stop-loss remains at 15,850. When the contract falls below 15,600, tighten the stop-loss to 15,750. On slipping below 15,500, bring it further down to 15,625. Exit shorts at 15,350.

strategy: Go to 15,670 now on Nifty futures. Add more shorts if the contract moves up to 15,750 and the stop-loss remains at 15,850. When the contract falls below 15,600, tighten the stop-loss to 15,750. On slipping below 15,500, bring it further down to 15,625. Exit shorts at 15,350.

Supports: 15,500 and 15,350

Resistance: 15,750 and 15,800

Published on

24 June 2022

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Nifty Call: Short Nifty at 15,670 as it closes at 15,750 . but faces stiff resistance

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