Nifty June Futures (7,520)
The Nifty futures contract experienced selling pressure early in the trading session and fell, breaching the key support at 7,540. Subsequently, the contract reached its support at 7,520 and is currently testing this level. A further fall can pull the contract down to 7,500 and to 7,470. Traders can continue holding their short positions with a stop-loss at 7,540.
On the upside, a rally above 7,540 can take the contract higher to 7,560. But this level has to be decisively breached to reinforce bullish momentum and take the contract northwards to 7,580 and 7,600.
Strategy: Play short with stop-loss at 7,540.
Supports: 7,520, 7,500 and 7,470.
Resistances: 7,540, 7,560 and 7,580.
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.