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Nifty 50 June Futures (8,160)
The Nifty futures opened the session on a negative note at 8,105 and is also at an intra-day low. Taking cues from the positive Asian markets, the contract thereafter started to move higher breaching key resistances at 8,120 and 8,150 levels. But, after registering an intra-day high at 8,174, the contact began to experience selling pressure. Significant supports at 8,150 and 8,130 can provide cushion of the contract. Traders with a short-term perspective can make use of the corrective fall and initiate fresh long position while maintaining a stop-loss at 8,145 levels. Continuation of the uptrend can make the contract test the resistances at 8,175 and then at 8,200 levels in the near term. Am emphatic break out of 8,200 can take the contract higher to 8,230 and 8,250 levels. Significant supports are at 8,130 and 8,100 levels.
Strategy : Make use of declines to initiate fresh long position with a tight stop-loss at 8,145 levels.
Supports : 8,150 and 8,130
Resistances : 8,175 and 8,200
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