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Nifty June Futures (7,491)
Following a positive opening at 7,538, Nifty futures contract registered an intra-day high of 7,550. But, emergence of selling pressure dragged the contract down to the negative territory in early hours of the session.
The contract has currently breached the significant support at 7,500 and is hovering around it. The contract is expected to face selling pressure on rallies. Traders can go short with a stop-loss placed at 7,510. Targets are 7,470 and 7,450.
Conversely, a strong rally above 7,520 is needed to alter the intra-day downtrend and take the contract higher to 7,550 and 7,570.
Strategy : Initiate short positions with a stop-loss at 7,510.
Supports : 7,470, 7,450, and 7,400.
Resistances : 7,520, 7,550, and 7,570.
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