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Nifty June Futures (7,971)
After a negative open at 7,949, the Nifty futures contract became choppy. It marked an intra-day low at 7,936 levels and started to gain some bullish momentum. But, the contract faces a tough task in breaching the key immediate resistance at 8,000 levels. Moreover, there is another important resistance very near at 8,030 levels. As long as this resistance holds, the near-term trend will be down.
Next resistances above 8,030 are at 8,050 and 8,075 levels.
Traders with a short-term perspective should tread with caution. Traders with a high risk appetite can initiate fresh long positions on a rally above 8,000, with a stop-loss at 7,985 levels and exit near 8,030 levels. On the downside, if the contract declines below 7,960 levels, it can decline to 7,940 and to 7,920 levels.
Strategy: Initiate fresh long positions on a rally above 8,000
Supports: 7,960 and 7,940
Resistances: 8,000 and 8,030
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