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Nifty June Futures (7,657)
The Nifty futures contract rallied on opening but is currently swinging between positive and negative territory. So far, it has recorded an intra-day high of 7,715 and low of 7,645. The contract has key support in the band between 7,635 and 7,640.
Traders should remain cautious as long as long as the contract does not break above 7,680. If it breaks above 7,680, the contract can move higher to 7,715.
On the other hand, a conclusive fall below 7,635 will be the cue for initiating fresh shorts with stop-loss at 7,635. Next targets are 7,600, 7,580 and 7,550.
Strategy : Fresh short position can be initiated on a break below 7,635.
Supports : 7,600, 7,580 and 7,550.
Resistances : 7,660, 7,680 and 7,715
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