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Nifty June Futures (8,326)
On Monday, the Nifty June futures started the session with a gap up open at 8,265 levels. With buying interest flowing into the market, the broader indices gained, pushed by the Bank Nifty's rally as well.
The Nifty futures contract decisively breached the key immediate resistance at 8,300 and extended its gains. However, the contract faces a key resistance ahead at 8,350 levels, which could limit the upside for the session.
Therefore, traders with a short-term perspective should tread with caution and consider taking profits off the table if the contract struggles to move beyond 8,350 levels. Having said that, if the contract surpasses the 8,350 levels, then it can rally to 8,375 and 8,400 levels in the short-term.
On the downside, the significant support at 8,300 can arrest the contract's decline. But a strong fall below 8,300 can bring back profit-taking and selling interest and drag the contract down to 8,270 and then to 8,250 levels. Next key supports are at 8,235 and 8,200 levels.
Strategy : The contract faces a key resistances ahead at 8,350 levels, consider profit-booking long positions.
Supports : 8,300 and 8,270
Resistances : 8,350 and 8,375
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