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Nifty 50 June Futures (8,100)
The Nifty 50 futures contract has managed to move higher after opening with a gap-down at 8,050. The contract has made an intra-day high of 8,118 and seems to lack the momentum to extend its rally strongly above 8,100. It is currently hovering above the psychological 8,100 level.
Significant intraday support is at 8,080, which may limit the downside. While above this support, there is a strong possibility of the contract rising to 8,150 in the coming sessions.
Traders with a short-term perspective can go long. Stop-loss can be kept at 8,075 for the target of 8,145.
The outlook will turn negative if the contract declines below 8,080. The next target will be 8,050.
Strategy: Go long with a stop-loss at 8,075
Supports: 8,080, 8050
Resistances: 8,125, 8,150
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