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Nifty June Futures (8,455) The nifty futures contract has begun this week on a positive note. It opened at 8,450 and has reversed immediately higher after recording an intraday low of 8,433.2. It is facing resistance at 8,485. But, there is no danger of a fall as long as the contract trades above its key intraday support at 8,440. A break above 8,485 can take the contract higher to 8,500 and 8,530 there after.
Short-term traders can go long. Stop-loss can be kept at 8,430 for the target of 8,495.
The contract will encounter downside pressure if it declines below 8,440. In that case, it can fall to 8,400 and 8,380 during the day. But such a fall looks less likely.
Strategy : Go long with a stop-loss at 8,430
Supports : 8,440, 8,400
Resistances : 8,485, 8,500
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