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Nifty 50 June futures (10,784) Taking bullish cues from the global markets, the Nifty and the Sensex opened the session with a gap-up and continued to trade in positive territory. The US indices, the Dow and S&P 500, added 1.4 per cent and 0.86 per cent respectively in the last session. Among Asian markets, the Nikkei 225 rose 0.87 per cent and the Hang Seng index added 0.7 per cent in today's trade.
The Nifty June month futures began the session with a gap-up opening at 10,725 levels. The contract continued to trend higher, breaching a key resistance at 10,750 levels and has marked an intra-day high at 10,793. The market breadth of the Nifty index is biased towards advances. An emphatic break above the immediate resistance level of 10,800 can take the contract higher to 10,830 and 10,850 levels.
The near-term outlook remains positive as long as the contract trades above 10,750 levels. Traders can make use of intra-day dips to buy the contract with a fixed stop-loss at 10,740 levels. But a strong decline below 10,750 levels can bring selling pressure and drag the contract down to 10,725 and 10,700 levels. Next support is placed at 10,680.
Strategy: Buy on dips while maintaining a stop-loss at 10,740 levels.
Supports: 10,750 and 10,725
Resistances: 10,800 and 10,830
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