Nifty June Futures (8,423) Taking support at around 8,300 levels, the Nifty June month contract surged, breaching the immediate resistance at 8,350 levels. The contract then surpassed its next resistance at 8,400 levels by gaining more than 100 points.
The near-term outlook for the session is bullish. Make use of any declines to buy the contract, while maintaining stop-loss at 8,390 levels.
The contract can trend northwards to 8,450 and 8,470 levels. However, the contract has significant resistance at 8,500 levels, which has to be breached for further bullish momentum.
A strong fall below the immediate support level of 8,350 will bring back the bearish momentum and drag the contract down to 8,325 and 8,300 levels.
Strategy: Consider buying the contract on dips with a stop-loss at 8,390 levels
Resistances: 8,450 and 8,470
Supports: 8,350 and 8,325
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