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Nifty June Futures (7,590)
Nifty futures contract opened with an upward gap at 7,530 and extended the bullish momentum. While trending higher, the contract has breached key resistances at 7,550 and 7,575 which have turned into key support levels now. The contract is up 84 points so far. After marking an intra-day high of 7,600, the contact has been hovering in a narrow band between 7,575 and 7,600 levels. Traders should tread with caution as long as the contract remains in this range. Hold your long positions with a stop-loss at 7,575. A strong rally above 7,600 can pave the way for an up move to 7,625 and then to 7,650.
However, a decline below the lower boundary at 7,575 can see profit taking emerge. A decisive fall below 7,575 can drag the contract down to 7,550 and then to 7,530.
Strategy: Hold long positions with a stop-loss at 7,575.
Supports: 7,575, 7,550 and 7,530.
Resistances : 7,600, 7,625 and 7,650
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