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Nifty 50 June Futures (9,633)
Negative global cues made domestic markets open in the ed. The Nifty futures contract started the session with a gap down open at 9,644 levels.
After marking an intra-day high of 9,654, the contract resumed its downmove witnessing selling pressure at higher levels. The contract breached its immediate key support level of 9,550 and recorded an intra-day low of 9,615 levels.
The Nifty index is also experiencing selling pressure at higher levels and has declined 0.4 per cent. The market breadth is biased towards declines. The near-term outlook for Nifty futures contract is bearish.
Traders with a near-term perspective can make use of rallies to go short while maintaining a stop-loss at 9,650 levels. Resumption of the downmove can test supports at 9,615 and 9,600 levels. An emphatic downward break of 9,600 can pull the contract down to 9,580 and then to 9,560 levels.
Conversely, the contract needs to decisively move above 9,674 to strengthen the bullish momentum and take the contract higher to 9,690 and 9,705 levels.
Strategy: Go short on rallies while maintaining a fixed stop-loss at 9,650 levels.
Supports: 9,615 and 9,600
Resistances : 9,650 and 9,675
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