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Nifty June Futures (8,009)
The Nifty futures contract is trading on a positive note today. The contract opened at 7,968 and subsequently marked an intra-day high of 8,037.
After falling from this high, the contract recorded a low of 7,975 but managed to reverse higher. This suggests lack of selling interest below 8,000 levels.
The contract is likely to remain above the psychological 8,000 mark. A corrective rally to test the next resistance at 8,030 looks highly probable. A further break above this hurdle can take the contract higher to 8,060.
Traders can go long. Stop-loss can be kept at 7,975 for the target of 8,045.
Supports for the contract are at 8,000 and 7,980. The downside pressure will increase if it declines below 7,980. Subsequent targets will be 7,950 and 7,930.
Strategy : Go long with a stop-loss at 7,975
Supports : 8,000, 7,980
Resistances : 8,030, 8,060
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