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Nifty June Futures (7,555)
After an initial choppy sideways movement, the Nifty futures contract breached its key immediate supports at 7,650 and 7600. The contract fell more than one per cent shedding Tuesday’s gains. However, the Nifty futures contract found support at 7,520 and is trading around this level. Traders can hold their short position with a stop-loss at 7,580.
A strong decline below 7,520 can pull the contract down to 7,500 and then to 7,460 in the afternoon session.
On the upside, the contract needs to decisively rally above 7,600 levels to reinforce bullish momentum and take it higher to 7,640-7,650 levels.
Strategy: Go short with a stop-loss at 7,580.
Supports: 7,520, 7,500 and 7,460.
Resistances: 7,580, 7,600 and 7,640
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