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Nifty 50 June Futures (9,673)
The Nifty 50 futures contract has come-off from the day's high of 9,704. The resistance in the 9,700-9,710 zone is holding well and is capping the upside for the contract.
However, the bounce back from the day's low of 9,663 is lacking strength. This leaves the near-term view negative for a dip to 9,650. Whether the contract bounces higher from 9,650 or not will decide the next move for the contract.
A break below 9,650 will increase the downside pressure and drag the contract lower to 9,635 and 9,620. On the other hand, if the index futures manage to reverse higher from 9,650, it can rise to 9,700 once again.
In such a scenario, a range bound move between 9,650 and 9,700 is possible for some time. The contract will gain fresh momentum only if it breaks above 9,710 decisively. Such a break will then pave way for the next targets of 9,735 and 9,750.
Short-term traders can wait for dips and go long if the contract reverses higher from 9,650. Stop-loss can be placed at 9,630 for the target of 9,690. Revise the stop-loss higher to 9,665 as soon as the contract moves up to 9,680.
Strategy : Go long on a reversal from 9,650 with a stop-loss at 9,630
Supports : 9,650, 9,635
Resistances : 9,710, 9,735
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