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Nifty 50 June futures (9,575)
The Nifty 50 futures contract has risen sharply ahead of the expiry today. The contract opened with a strong 30 points gap-up at 9,525 and surged to an intraday high of 9,584.90.
The strong rise today has taken the contract well above the key resistance levels of 9,523 and 9,550. It is currently hovering around the day's high. Immediate support is at 9,550 which is likely to limit the downside for the day. Resistance is at 9,585.
A break above it can take the contract higher to 9,600 and 9,610. Inability to break above 9,610 can trigger a pull-back move to 9,550 once again. But a strong break above 9,610 will increase the likelihood of the contract extending its upmove to 9,630 and 9,650 thereafter.
Short-term traders can make use of dips to go long at 9,560. Stop-loss can be placed at 9,545 for the target of 9,595.
The bullish outlook will get negated if the contract declines below 9,550. Such a break can drag the contract lower to 9,525 or even 9,500 once again.
Strategy : Go long at 9,560 with a stop-loss at 9,545
Supports: 9,550, 9,525
Resistances: 9,585, 9,610
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