Nifty June Futures (7,603)
After struggling to surpass the 7,680 level, Nifty futures contract entered the negative territory and breached a key support at 7,660 and 7,635 recently. Selling pressure is evident in this contract. It is currently testing the support at 7,600. A strong decline below this level can drag the contract down to 7,580 and then to 7,550. Traders with a short-term perspective can go short with a stop-loss at 7,620 levels.
On the upside, key resistances are placed at 7,660 and then 7,680. Next hurdle is in the band between 7,700 and 7,710.
Strategy : Go short with a stop-loss at 7,620
Supports : 7,600, 7,580 and 7,550.
Resistances : 7,660, 7,680 and 7,700
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.