Nifty 50 June futures (9,646) Taking positive cues from the Asian markets, the Nifty June futures contract started the session in the green with a gap up open at 9,626. The Nikkei 225 index has added 124 points or 0.6 per cent to trade at 20,067 and the Hang Seng index too has advanced 265 points or 1 per cent to 25,891 levels.
The Nifty futures surpassed the immediate resistance level of 9,600 and continued its upmove. The contract has recorded an intra-day low of 9,625.5. It tests the key immediate resistance at 9,650 by marking an intra-day high of 9,651.The market breadth of the Nifty index is biased towards advances.
The index has been moving in a narrow range between 9,625 and 9,650 in today's session, with a positive bias. Traders with a near-term perspective can buy the contract with a fixed stop-loss at 9,625.
Strong breach of the key resistance level of 9,650 can push the contract northwards to 9,675 and 9,690 levels in the near term. On the other hand, a decisive fall below the immediate support level of 9,625 can pull the contract down to 9,600, which can provide a base. A further slump below 9,600 will bring back selling pressure and drag the contract down to 9,580 and 9,560 levels in the near term.
Strategy: Go long on declines with a fixed stop-loss at 9,625
Supports: 9,625 and 9,600
Resistances: 9,650 and 9,675