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Nifty June Futures (8,030)
On Tuesday, the Nifty futures extended its decline by opening on a negative note at 8,024 levels. But it turned volatile registering an intra-day high at 8,059 and then marking an intra-day low at 8,005. The contract is finding support at 8,000 levels.
Traders can initiate long position on a strong rally above 8,050 levels with a stop-loss at 8,030 levels. The contract can trend upwards to 8,075 levels and then to 8,100 levels.
The tussle around 8,000 in the Nifty is on. Reflected in the intense gyration at these levels.
— lokeshwarri sk (@lokeshwarri)
June 9, 2015Next resistance is at 8,130 level. Immediate supports are placed at 8,020 and 8,000. Only a strong break below the immediate support level of 8,000 will reinforce bearish momentum and pull the contract down to 7,970 and then to 7,950 level.
Strategy : Go long above 8,050 levels with a stop-loss at 8,030 levels.
Supports : 8,020 and 8,000
Resistances: 8,050 and 8,075
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