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Nifty 50 June futures (9,672)
The Nifty futures contract started the session on a positive note by opening at 9,690 levels.
After testing the key resistance level of 9,700, the contract recorded an intra-day high of 9,705. But the contract failed to sustain its bullish momentum and began to decline on the back of profit-taking at higher levels. The contract slipped below the immediate support level of 9,680 and marked an intra-day low of 9,660.
The Asian markets are trading mixed and the European markets have started the session on a negative note. The market breadth of the Nifty index is biased towards declines.
Traders with a short-term perspective can desist trading in the contract as long as it moves sideways in the band between 9,660 and 9,700 levels.
Traders with a near-term view can consider initiating fresh short positions on a strong plunge below the lower boundary of 9,660 while maintaining a fixed stop-loss at 9,675 levels. In that case the contract can decline to 9,640 and then to 9,630 or 9,620 levels in the short term.
On the other hand, an emphatic break above the key resistance level of 9,700 is need to reinforce the bullish momentum to push the contract higher to 9,717 levels and then to 9,730 levels.
Strategy : Go short below 9,660 with a stop-loss at 9,675
Supports : 9,660 and 9,640
Resistances : 9,700 and 9,717
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