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Nifty June futures (7,424)
CNX Nifty futures registered an intra-day high of 7,438.9 in the early hours and has been moving in a sideways trading range between 7,400 and 7,440 since then. A break above 7,440 can take the contract higher to 7,475 and then to 7,500. In that scenario, traders can consider going long with a stop-loss at 7,440.
Conversely, a fall below its key support at 7,400 can trigger selling that can pull the Nifty futures down to 7,376 or 7,350. Subsequent supports are pegged at 7,335 and 7,320.
Strategy : Desist trading as long as Nifty futures trades between 7,400 and 7,440.
Supports : 7,400, 7,376 and 7,350.
Resistances : 7,475 and 7,500.
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