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Nifty 50 June Futures (10,775)
The Nifty 50 futures contract is retaining its 10,700-10,850 sideways range. The contract has been stuck in this range for more than a week now. Within this range, it fell to a low of 10,726 and has reversed sharply higher from there.
Intermediate support is in between 10,750 and 10,745 which is likely to limit the downside during the day. Intraday dips to this support zone may find fresh buyers coming into the market.
As long as the contract remains above the 10,750-10,745 support zone, a rally to 10,810 is possible in the coming sessions. A break above 10,810 will then pave way for the next target of 10,850.
Short-term traders can buy on dips at 10,765 and 10,755. Stop-loss can be placed at 10,735 for the target of 10,810. Revise the stop-loss higher to 10,775 as soon as the contract moves up to 10,785.
The bullish outlook will get negated if the contract breaks below 10,745. Such a break can drag the index futures lower to 10,700 again.
Strategy : Go long on dips at 10,765 and 10,755 with a stop-loss at 10,735
Supports: 10,745, 10,700
Resistances : 10,810, 10,850
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