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Nifty 50 June futures (9,513)
The Nifty 50 futures contract fell, breaking below the psychological 9,500 level earlier in the day. However, the contract has reversed higher, after making an intraday low of 9,483.
The support at 9,480 is holding well as of now. The immediate outlook is bullish. Resistance is at 9,523. A break above it can take the contract higher to 9,540 and 9,550.
If the contract manages to breach above 9,550 decisively, the upmove can extend to 9,570 or even 9,600. But a pull-back from 9,550 can take the index futures lower to 9,500 levels once again.
Short-term traders with high risk appetite can go long. Stop-loss can be placed at 9,490 for the target of 9,540. Revise the stop-loss higher to 9,520 as soon as the contract moves up to 9,530.
The contract will come under pressure only if it falls below 9,480. Such a fall can drag it to 9,465 and 9,440.
Strategy: Go long with a stop-loss at 9,490
Supports: 9,500, 9,480
Resistances: 9,523, 9,550
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