NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES
Nifty Futures

Support: 15694
Resistance: 15897

It is evident that the Nifty Futures are range-bound since 3rd June 2021. Nifty futures did trade at the highs of 15870 levels yesterday but clearly the strength is not enough for it to sustain the higher levels.
Another point to notice is that the futures are in discount over the spot prices. Nifty spot closed at 15746.45 whereas the futures closed trading at 15734.65 and this isn't a good sign. Futures trading in discounts indicate that new short positions are being made.
The volume bars also indicate selling. There were very few and very weak green bars and the red ones clearly dominate. This may indicate a bounceback as when when the sellers are covering up their short positions.

The 15m charts have a Bullish Engulfing candle followed by 2 other green ones which can be considered as confirming candles.
The hourly chart has a candle which looks like a reversal (very close to a doji but not a doji ) followed by a strong green one which may be a confirmation to a bounce back.

There are 2 supports
Intraday: below 15650
Positional: below 15550

I am a bull so I will always look for an opportunity to buy but one should exit positions if the futures break and sustain below 15500.

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