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Nifty June Futures (7,427)
After witnessing initial selling pressure, Nifty futures declined to an intraday-low of 7,376. The contract has recovered since then and has surpassed the 7,400 levels. It is currently hovering 11 points above its previous close at 7,416. Traders can hold their long positions while maintaining a stop-loss at 7,400. The outlook will stay positive as long as Nifty futures trade above 7,400 levels. It can advance to 7,450 and then to 7,475.
Nevertheless, a decline below 7,400 will be a cue to exit the long position and initiate a fresh short position. Downward targets are then at 7,376 and 7,350. Any further sell-off can drag it down to 7,335 or 7,320 levels.
Strategy: Hold your long positions as long as the Nifty trades above 7,400
Supports: 7,400, 7,376 and 7,350.
Resistances: 7,450 and 7,475.
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