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Nifty 50 June Futures (10,764)
The Nifty 50 futures contract appears to be lacking fresh buying interest, to take it decisively above 10,800. The contract opened with a positive note and rose to a high of 10,805.95.
However, it failed to sustain higher and has come-off from the day’s high and is currently trading at 10,764. Key intraday supports are near current levels at 10,760 and then at 10,745.
A bounce from these supports can take the contract higher to 10,800 levels again. However, the contract will gain fresh momentum only if it breaks above the resistance at 10,805 decisively. Such a break will increase the likelihood of the contract rallying to 10,840 or 10,860.
On the other hand, if the index futures breaks below 10,745, the downside pressure will intensify. In such a scenario, the contract can fall to 10,700 or even lower in the coming sessions.
Traders can stay out of the market at the moment. However, short-term traders with high risk appetite can go short on a break below 10,745 with a tight stop-loss at 10,760 and for the target of 10,710. Revise the stop-loss lower to 10,735 as soon as the contract moves down to 10,725.
Strategy : Go short on a break below 10,745 with a stop-loss at 10,760
Supports : 10,745, 10,700
Resistances: 10,805, 10,840
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