Nifty June Futures (7,416)
After witnessing an initial selling pressure, Nifty futures took support at 7,350 which is a key immediate support level, and bounded up strongly. This rally has breached a significant resistance at 7,400 with volumes. Currently, it is up 45 points. The near-term outlook remains bullish as long as Nifty futures trades above 7,400 level. Traders can buy Nifty futures with a stop-loss at 7,400. Targets are 7,450 and 7,475.
On the other hand, a fall below 7,400 can bring back selling pressure and profit-taking. In that case, Nifty futures can decline to 7,370 and then to 7,350 levels. Further decline can drag it down to 7,335 and 7,320.
Supports : 7,400, 7,370 and 7,350.
Resistances: 7,450 and 7,475.