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Nifty 50 June Futures (9,535) The Nifty 50 futures contract has risen sharply, breaking above the psychological 9,500 barrier. The contract rallied to make an intraday high of 9,548.6 and has come-off from there. Support is at 9,518. A break below it can take the contract lower to 9,500 or 9,490 during the day.
But a further fall below 9,490 is unlikely as fresh buying interest may emerge at lower levels. An upward reversal from there can see the contract testing the resistance at 9,550 once again. A strong break above 9,550 will increase the likelihood of the contract rallying to 9,600 thereafter.
Short-term traders can go long on dips near 9,520. Stop-loss can be placed at 9,495 for the target of 9,575. Accumulate longs on dips near 9,505. Revise the stop-loss higher to 9,540 as soon as the contract moves up to 9,555.
Strategy: Go long on dips at 9,520 with a stop-loss at 9,495
Supports: 9,518, 9,490
Resistances: 9,550, 9,600
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