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Nifty 50 June Futures (9,690)
The Nifty 50 futures contract is stuck between 9,650 and 9,700 levels over the last couple of days. The contract tested 9,700 today and has come-off slightly.
Inability to break above 9,700 can keep the contract within the 9,650-9,700 range for some time. A breakout on either side of 9,700 or 9,650 will decide the next move.
A strong break above 9,700 can boost the bullish momentum. Such a break can take the index futures higher to 9,725 initially. Further break above 9,725 will see the rally extending to 9,760.
Short-term traders with high risk appetite can go long on a break above 9,700. Stop-loss can be placed at 9,685 for the target of 9,725. Revise the stop-loss higher to 9,710 as soon as the contract moves up to 9,720.
On the other hand, if the index futures breaks the range below 9,650 in the coming sessions, it can fall to 9,640 initially. Further break below 9,640 can drag it to 9,620 or even 9,600. But such a fall looks less probable at the moment as the support around 9,650 is strong.
Strategy : Go long on a break above 9,700 with a stop-loss at 9,685
Supports: 9,680, 9,650
Resistances : 9,700, 9,725
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