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Nifty 50 June Futures (8,311)
The Nifty futures started the session with a gap-up opening at 8,266. After some initial selling pressure, the contract found support at 8,230 and bounced back strongly.
Markets took cues from the RBI's policy meeting in which it kept its policy rate unchanged at a five-year low of 6.5 per cent and started to trend upwards.
With continued buying interest, the contract has surpassed key resistance at 8,300 and recorded an intra-day high at 8,313 levels. Short-term outlook is bullish.
Traders with a short-term view can make use of declines to initiate fresh long position while maintaining a stop-loss at 8,265 levels.
The contract can extend its rally to 8,320 and then to 8,350 levels in the near term. Key immediate supports are at 8,280 and 8,265 levels. A decisive fall below 8,265 can pull the contract down to 8,250 and 8,230 levels. Next supports are at 8,215 and 8,200.
Strategy : Make use of declines to initiate fresh long position with a stop-loss at 8,265 levels.
Supports : 8,280 and 8,265
Resistances : 8,320 and 8,350
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