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Nifty June Futures (8,355)
It has been volatile times for the Nifty futures contract so far today. The contract fell sharply after recording an intraday high of 8,438.90 to a low of 8,286.35. It then reversed higher again immediately and is currently poised at 8,355.
The overall outlook is bearish. Any further upmove from current levels during the day could attract fresh selling interest into the market. Resistance is at 8,380 which could cap the upside for the contract. A fall back again to 8,300 and 8,280 levels during the day looks likely.
Traders can go short. Stop-loss can be kept at 8,385 for the target of 8,315. More short positions can be accumulated near 8,380 if the contract moves further higher from current levels.
The downside pressure will ease only if the contract records a strong break above 8,400. The next targets will be 8,430 and 8,450.
Strategy : Go short with a stop-loss at 8,385
Supports : 8,300, 8,280
Resistances : 8,380, 8,400
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