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Nifty June Futures (7,563)
After a flat opening, the Nifty futures contract is volatile. It declined to an intra-day low of 7,536 and recovered to mark an intra-day high of 7,574.
The selling pressure is evident in rallies. But the contract is trying to move higher now. Traders can play long with stop loss at 7,535. Immediate target is 7,580, beyond which the contract can rally to 7,600. This is a key resistance level. A decisive breach of 7,600 can move the contract to 7,635 and 7,665.
Supports are at 7,535 and 7,520. The level 7,520 is a vital base, and a strong fall below this level is needed to drag the contract down to 7,500 and then to 7,460.
Strategy : Hold your longs with stop loss at 7,535.
Supports : 7,535, 7,520, and 7,500.
Resistances : 7,580, 7,600, and 7,635.
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