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Nifty 50 June Futures (9,656)
After taking positive cues from the global markets, the Nifty futures contract started the session with a gap up open at 9,660 levels.
The Dow advanced 135 points or 0.65 per cent to close at 21,144 and S&P 500 index gained 18 points or 0.76 per cent to close at 2,430 on Thursday. The Asian markets also witnessed strong gains in today's session. The MSCI Asia-Pacific index surged 0.3 per cent to trade at 153 levels.
After an initial decline to an intra-day low of 9,646 levels, the Nifty futures contract bounced up and continued its up move. It has registered an intra-day high of 9,672 levels. The contract has immediate support at 9,630.
As long as the contract trades above this level, the outlook for the session will remain bullish. Traders with a short-term perspective can buy the contract in dips with a stop-loss at 9,630 levels.
The contract can continue its up move on a strong rally beyond its immediate resistance level of 9,670. Next key resistances are at 9,680 and 9,700 levels.
Key supports below 9,630 are at 9,610 and 9,600. Strong plunge below 9,600 can pull the contract down to 9,580 and 9,560 levels.
Strategy : Make use of intra-day dips to go long with a stiff stop-loss at 9,630 levels.
Supports: 9,630 and 9,610
Resistances : 9,670 and 9,680
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