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Nifty June Futures (7,536)
Nifty futures is up 46 points or 0.6 per cent so far in today’s trading. Slight selling and profit-taking at higher levels is making the index future move sideways in a narrow range between 7,520 and 7,540. Traders can play long as long as Nifty futures trade above 7,500 levels. It can extend its rally and reach 7,550 and then 7,575 levels.
However, a fall below 7,500 can trigger bearish momentum and Nifty futures can decline to 7,460 and then to 7,420 levels.
Strategy: Go long with a stop-loss at 7,500.
Supports : 7,500, 7,460 and 7,420.
Resistances : 7,550 and 7,575.
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