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.
Supports: 7,520, 7,500 and 7,470.
Resistances: 7,540, 7,560 and 7,580.