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Nifty June Futures (7,980)
The Nifty futures contract is under pressure. The contract has failed to breach the psychological level of 8,000 today after opening lower at 7,988. An intraday high of 8,003 was recorded and the contract has reversed lower from there.
The overall downtrend remains intact. Any intermediate bounce to 8,000 during the day can attract fresh selling interest coming into the market. A fall to 7,950 and 7,920 is possible today. A break below 7,920 can drag it further lower to 7,880.
Traders can go short. Stop-loss can be placed at 8,010 for the target of 7,935. Intraday rise to 8,000 can be used to accumulate short positions.
The downside pressure will ease only if the contract records a strong break above 8,000. The ensuing target on such a break will be 8,035. But such a sharp rally looks unlikely at the moment.
Strategy : Go short with a stop-loss at 8,010
Supports : 7,950, 7,920
Resistances: 8,000, 8,035
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