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Nifty 50 June Futures (9,635)
The Nifty 50 futures contract is trading on a weak note. The contract fell sharply to a low of 9,620 after opening the day at 9,668.
Though the contract has bounced back from the day's low, this upmove lacks momentum. Resistance is in the 9,655-9,660 zone which can cap the upside. A fall to 9,600 is likely. Whether the contract reverses higher from 9,600 or not will decide the next move.
A strong break below 9,600 can increase the downside pressure and drag the contract lower to 9,580 or even lower.
On the other hand, if the index futures manages to reverse higher from 9,600, it can rise to 9,650. In such a scenario, the contract can remain range-bound between 9,600 and 9,700 for some time.
Short-term traders with high risk appetite can go short on rallies at 9,650 with a tight stop-loss at 9,665 for the target of 9,620. Revise the stop-loss lower to 9,640 as soon as the contract moves down to 9,630.
Strategy : Go short on rallies at 9,650 with a stop-loss at 9,665
Supports : 9,600, 9,580
Resistances: 9,660, 9,700
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