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Nifty June Futures (8,361)
Following a negative open at 8,340 levels, the Nifty June futures contract recorded an intra-day low at 8,332 levels.
Finding support just above the key base level of 8,330 levels, the contract bounced up and entered the positive territory. However, the contract faces an immediate resistance at 8,375 and a significant resistance at 8,400 levels.
Traders with a short-term view can initiate long position with a stop-loss at 8,350 levels.
A strong rally above 8,375 levels can take the contract higher to 8,400 levels. But, to strengthen the uptrend, the contract needs to decisively breach 8,400 for an upmove to 8,430 and 8,450 levels.
Conversely, an emphatic fall below the level of 8,350 can pull the contract down to 8,330 and then to 8,300 levels in the short-term. On such a fall, traders should tread with caution and desist taking long positions on the contract.
Strategy : Go long with a stop-loss at 8,350 levels for an initial target of 8,375 and then 8,400 levels
Supports : 8,350 and 8,330
Resistances : 8,375 and 8,400
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