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Nifty 50 June Futures (23,358)
Nifty 50 has been slightly volatile since the opening. After opening the day at 23,319 it touched a high of 23,411 and has come down from there giving back most of the gains. It is currently trading at 23,246, up 0.23 per cent. The advances/declines ratio is at 32:18. This could keep the bias positive.
Nifty 50 outlook
Nifty has good support around 23,250. This is holding well for now. As long as the index stays above this support, the outlook will be positive. Nifty can rise to 23,480-23,500 in the coming sessions.
The above-mentioned rise will get negated only if the index declines below 23,250. In that case a fall to 23,100 can be seen.
The Nifty 50 June Futures (23,358) is up 0.16 per cent. Support is at 23,300-23,280. The index can rise to 23,500 in the coming sessions.
The contract has to break below 23,280 to become bearish for a fall to 23,200 and lower.
Trade Strategy
Traders can go long now at 23,358. Accumulate on dips at 23,310. Keep the stop-loss at 23,260 initially. Trail the stop-loss up to 23,375 as soon as the contract moves up to 23,395. Move the stop-loss further up to 23,410 when the contract touches 23,440. Exit the long positions at 23,480.
Supports: 23,280, 23,200
Resistances: 23,500, 23,600
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