Nifty 50 June Futures (10,500)
The Indian benchmark indices opened with a gap-up and rallied during the initial hour, even though Asian markets signalled mixed cues. But both the benchmarks went on to see an intra-day correction. Now, the Nifty 50 spot index and the Sensex spot index are trading higher by 0.5 per cent and 0.2 per cent, respectively.
The Nikkei 225 index has ended the session flat, whereas the Hang Seng index is trading lower by 0.2 per cent; the Shanghai composite index is up by 0.3 per cent.
The market breadth of the Nifty 50 index is slightly bullish as the advance-decline ratio is at 22-28. Like the benchmarks, the mid-cap and small-cap indices, too, are in the green.
Among the sectoral indices, the Nifty PSU bank index is the top performer, up by 1.5 per cent, whereas the Nifty Pharma index is the top loser, down by nearly one per cent. India VIX – the volatility index – is down by 0.8 per cent to 29.1 levels.
Today, the June futures contract of the Nifty 50 index opened marginally higher at 10,499 versus its previous close of 10,467. However, after marking an intra-day high of 10,536, the contract started to decline. But taking support at 10,430, it seems to have resumed its rally. Since the overall trend is bullish, the likelihood of the contract gaining is high. So, traders can go long with stop-loss at 10,425.
Strategy: Go long with stop-loss at 10,425
Supports: 10,430 and 10,400
Resistances: 10,536 and 10,600
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism