Nifty June Futures (7,549)
The Nifty contract opened on a negative note at 7,543, after closing at 7,559 yesterday. It has registered an intra-day high at 7,567 and low at 7,533 levels. The Nifty futures contract remains volatile and is swinging between the positive and negative zone.
As long as Nifty Futures contract trades below 7,570 its near-term outlook be bearish. Traders can initiate and hold their short position with a stop-loss at 7,570. Resumption of the near-term downtrend in the second half of the session can pull the contract down to 7,530 and then to 7,500. Next important supports below 7,500 are pegged at 7,460 and 7,430.
Conversely, a decisive rally above 7,570 can push the contract higher to the psychological resistance of 7,600. Subsequent resistances are at 7,635 and 7,650.
Strategy: Initiate short with a stop-loss at 7,570.
Supports: 7,530, 7,500 and 7,460.
Resistances: 7,570, 7,600 and 7,635
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