The new series of futures & options contracts (June series) started on May 28 with Nifty hitting fresh record high of 15,469.65 surpassing its previous peak of 15,431 recorded on February 16.
For the week ended May 28, Nifty50 gained 1.7 percent to close at 15,435. The broader markets, too, ended with gains of 0.8-1.5%.
Experts say that a strong rollover of contracts from May series to June series suggests that the new series should play out well.
“The Nifty index has broken out of a long consolidation hitting new highs which confirms more strength and higher levels should be seen in the month of June,” Aditya Agarwala, Senior Technical Analyst, Yes Securities said.
“Traders should watch out for levels of 15,450-15,470. If Nifty manages to keep its head above this resistance, it will be on course to test levels of 15,780-16,220. On the downside key supports to watch out for would be 15,300-15,000 levels,” he said.