Nifty 50 June Futures (9,646) Taking cues from the mixed Asian markets, the Nifty futures contract started the session on a positive note at 9,637 levels. The Nikkei 225 is marginally down by 9 points, and is trading at 19,898. The Hang Seng index is up by 96 points at 25,804 levels. The S&P/ASX 200 index has gained 1.6 per cent to touch 5,772 levels, while the MSCI AC Asia-Pacific index is down 0.2 per cent at 154 levels.
After recording an intra-day low of 9,628, the Nifty futures contract resumed its upmove and gained bullish momentum to mark an intra-day high of 9,660. The contract is witnessing buying interest at lower levels. Traders with a short-term perspective can buy the contract as long as it trades above the key support level of 9,620, with a stop-loss at 9,615.
Resumption of the upmove can take the contract higher to re-test the intra-day high of 9,660 levels. A further rally beyond 9,660 can push the contract upwards to 9,675 and 9,690 levels. On the other hand, a strong plunge below 9,620 can pull the contract down to 9,600, which can provide a base. But, a decisive tumble below 9,600 will bring back selling pressure and drag the contract down to 9,580 and then to 9,560 levels.
Strategy: Make use of intra-day dips to buy the contract, while maintaining stop-loss at 9,615 levels.
Supports: 9,620 and 9,600
Resistances: 9,660 and 9,675
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