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Nifty 50 June Futures (8,093)
The Nifty 50 futures contract has fallen 1.5 per cent from yesterday's close and is trading on a negative note. It is currently hovering around an intraday support at 8,080. An intermediate up move to 8,110 or 8,120 is possible. But a subsequent reversal from 8,110 or 8,120 will keep the contract under pressure and drag it lower to 8,065. Short-term traders with high risk appetite can make use of this reversal and go short near 8,110. Stop-loss can be placed at 8,130 for the target of 8,070.
A strong break below 8,065 can take the index futures lower to 8,030 or even 8,000 thereafter. On the other hand, if the contract manages to reverse higher from 8,065 it can move up to 8,100 or 8,120 once again..
Strategy : Go short near 8,110 with a stop-loss at 8,130
Resistances : 8,110, 8,125
Supports : 8,080, 8,065
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