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Nifty June Futures (8,400)
The short-term rally in Nifty futures is finding it difficult to surpass the key resistance as well as the 200-day moving average at 8,400 levels. The contract is testing this resistance. It opened the session at 8,386 levels and recorded an intra-day low at 8,370 levels before trending upwards.
A strong rally above 8,410 can take the contract upwards to 8,430 and then to 8,450 levels. Traders with a short-term perspective can initiate long position on such rally with a stop-loss at 8,395 levels.
Nevertheless, an emphatic fall below the immediate significant support at 8,370 levels can witness selling pressure and pull the contract down to 8,350 and then to 8,330 levels. On such a fall traders should tread with caution and avoid taking fresh long positions. Next support below 8,330 is placed at 8,300 levels.
Strategy : Initiate fresh longs on a rally above 8,410
Supports : 8,370 and 8,350
Resistances: 8,430 and 8,450
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