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Nifty June Futures (7,583)
The Nifty futures contract opened flat and has been trading in a narrow range between 7,570 and 7,593. The immediate outlook is unclear. The contract has support at 7,563 and resistance at 7,600. A breakout on either side of these levels will set the trend for the rest of the day.
Traders need to be cautious and wait for a clear trade signal to emerge. The contract will need a strong breach of 7,600 to gain bullish momentum. Such a break can take the Nifty futures higher to 7,630 during the day. A further move above 7,630 can take the contract higher to 7,660.
On the other hand, a break below 7,563 can take the contract lower to 7,545 and 7,520.
Strategy: If the contract breaks above 7,600, initiate fresh long position with a tight stop-loss at 7,585 .
Supports: 7,563, 7,545 and 7,520.
Resistances: 7,600, 7,630 and 7,660
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