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Nifty 50 June futures (9,683)
The Nifty 50 futures contract opened the week on a positive note. The outlook remains bullish. Key intraday supports are at 9,670 and 9,650.
The contract will come under pressure only if it declines below 9,650. Such a fall, though less probable, can take the contract lower to 9,630 and 9,600.
As long as the contract sustains above the 9,670-9,650 support zone, a rise to 9,700 or 9,710 is possible in the coming sessions. Inability to break above 9,710 may trigger a pull back move to 9,670 once again. But a strong break above 9,710 will boost the momentum for a further rally targeting 9,740 thereafter.
Short-term traders can go long on dips at 9,670. Stop-loss can be placed at 9,655 for the target of 9,700. Revise the stop-loss higher to 9,680 as soon as the contract moves up to 9,690.
Strategy: Go long on dips at 9,670 with a stop-loss at 9,655
Supports: 9,670, 9,655
Resistances : 9,710, 9,740
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