Nifty June Futures (7,541)
The Nifty futures contract started the session with a gap up opening at 7,593 from its previous close of 7,569. After registering an intra-day high at 7,617, it failed to sustain above the key level of 7,600. Subsequently, the contract slipped into the negative zone on selling pressure. It is down by 27 points or 0.36 per cent. The near-term outlook is bearish. The intra-day low of 7,520 is providing a base for the contract. But a fall below this level can drag the contract down to 7,500 and then to 7,460.
Conversely, the Nifty futures contract needs to conclusively rally above 7,600 to strengthen its bullish momentum. Next key resistances above 7,600 are at 7,635 and 7,665.
Strategy: Initiate short position with a stop-loss at 7,570.
Supports: 7,520, 7,500 and 7,460.
Resistances: 7,600, 7,635 and 7,665.