Nifty June Futures (8,142)
The Nifty futures contract is trading on a strong note. After opening at 8,099, the contract breached its resistance at 8,115. The outlook is bullish.
Immediate support is in the 8,130-8,120 zone. As long as the contract trades above this support zone, a rise to 8,200 is likely today. A break above the immediate resistance at 8,165, will pave way for further rally.
Short-term traders can go long. Stop-loss can be kept at 8,115 for the target of 8,190.
The contract will come under pressure if it declines below 8,120. The outlook will turn negative if the contract breaks below 8,100. The subsequent targets will be 8,070 and 8,045. But such a sharp downward move looks unlikely at this juncture.
Strategy : Go long with a stop-loss at 8,115
Supports : 8,120, 8,100
Resistances: 8,165, 8,200