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Nifty June Futures (7,531)
After opening flat, the sentiment turned negative on the Nifty futures contract.
However, the key support at 7,520 levels provided base and the contract is now on a recovery mode. But this upmove finds strong resistance at 7,540 and Nifty futures contact continues to trade in a narrow band between 7,520 and 7,540.
Traders should tread with caution as long as the contract trades in this narrow band. A fall below 7,520 will be cue for initiating short position with this level as stop-loss. Targets are 7,500 and then 7,470.
On the upside, strong breakthrough of 7,540 can push the contract higher to 7,560. But the outlook will continue to remain bearish. Only a further break of 7,560 can change the outlook and take the contract higher to 7,580 or 7,600.
Strategy : Consider initiating fresh short position only if the contract falls below 7,520.
Supports : 7,520, 7,500 and 7,470.
Resistances: 7,540, 7,560 and 7,580.
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