Nifty June Futures (7,642)
Nifty futures contract opened on a positive note at 7,677.50. But after marking an intra-day high at 7,680, it started to decline.
It filled the gap formed on Monday and found support at 7,600 in the early hours. Since then the contract has been moving higher. But the volumes are low. The contract is currently facing resistance around 7,635. A strong break above 7,650 can push the contract higher to 7,665 and 7,680. Traders can consider going long with a stop-loss at 7,640.
On the downside, the contract has a significant support at 7,600. This level has to be breached to pull it lower to 7,580 or 7,550.
Strategy : Go long on a break above 7,650
Supports : 7,600, 7,580 and 7,550.
Resistances : 7,665, 7,680 and 7,700