Nifty 50 June Futures (9,628) Following a positive open at 9,618, the Nifty futures contract immediately slipped into the red, taking bearish cues from the Asian markets. The Nikkei 225 is down by 15 points at 19,883 and the Hang Seng index has fallen marginally by 25 points to 25,827 levels.
The domestic markets are volatile and trading flat ahead of the Fed meeting. The Nifty futures contract marked an intra-day low of 9,598 and started to move sideways. It breached the immediate resistance level of 9,625 levels and recorded an intra-day high of 9,637 levels. The Nifty index is also choppy. The market breadth of the index is biased towards declines.
Traders can go long on the contract with a fixed stop-loss at 9,615 levels. The next resistances are placed at 9,650 and 9,675 levels. Conversely, if the contract plunges below the immediate support level of 9,600, it will bring back selling pressure and pull the index down to 9,580 and 9,560 levels.
Supports: 9,620 and 9,600
Resistances: 9,650 and 9,675