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Nifty 50 June Futures (10,650)
The Nifty 50 futures contract is trading strong ahead of the Reserve Bank of India's monetary policy decision which is due today.
The contract has risen decisively above 10,600 and is hovering around the day's high. The immediate outlook is bullish with supports at 10,640 and 10,620. Resistance is in the 10,670-10,675 region. A strong break above it will see the index futures rallying to 10,700 or 10,725.
Short-term traders with high risk appetite can go long. Stop-loss can be placed at 10,625 for the target of 10,700. Revise the stop-loss higher to 10,665 as soon as the contract moves up to 10,680.
The bullish outlook will get negated if the contract breaks below 10,620. Such a break can drag the contract lower to 10,600 initially. Further break below 10,600 will then increase the likelihood of the contract tumbling to 10,570 and 10,550.
Strategy: Go long with a stop-loss at 10,625
Supports: 10,640, 10,620
Resistances : 10,670, 10,700
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