Nifty June Futures (8,370)
The Nifty futures continued its upward journey in today's trading session, with a positive open at 8,364 levels. But, it turned volatile and fell to record an intra-day low at 8,330 levels and bounced up thereafter. The contract faces a key resistance ahead at 8,400 levels.
Traders with a short-term perspective can consider initiating fresh long position above 8,400 levels with a stop-loss. Strong break above this resistance can push the contract higher to 8,430 and then to 8,450 levels.
On the other hand, the bullish momentum stays intact as long as the contract trades above 8,350 levels. A fall below this level will bringforth selling pressure and pull the contract down to 8,330 and 8,300 levels in the near term. Immediate support is placed at 8,365 levels.
Strategy : Go long on a breakthrough of 8,400 levels with a fixed stop-loss
Supports : 8,365 and 8,350
Resistances : 8,400 and 8,430