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Nifty June Futures (8,052)
The Nifty June Futures started the session at 8,113 levels at par with its previous close. After an initial rally to the intra-day high of 8,127 levels, the contract witnessed selling pressure and slumped sharply breaching the key immediate support level of 8,100 levels. But the contract found support at 8,040 intra-day low and began to move sideways with a negative bias.
Short-term outlook for the contract is bearish. Traders with a short-term perspective can sell the contract on rallies with a stop-loss at 8,100.
A downward breakthrough of the support at 8,050 can pull the contract down to 8,020 and then to 8,000 levels. On the other hand, resistances are placed at 8100, 8,130 and 8,150 levels.
A strong rally above 8,150 is needed to alter the bearish outlook and take the contract higher to 8,180 and 8,200.
Strategy: Sell the contract on rallies with a stop-loss at 8,100
Supports: 8,050 and 8,020
Resistances: 8,100 and 8,130
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