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Nifty 50 October Futures (8,670) The Nifty 50 futures contract continues to lack the strength to breach the psychological 8,700 level decisively. The contract opened at 8,700 and made a high of 8,703, but fell sharply to make an intra-day low of 8,655 from there. It is currently consolidating around the day's low.
Strong intra-day support is seen in the 8,660-8,640 region. If it manages to sustain above this support zone, a revisit of 8,700 is possible once again. In such a scenario, a rangebound move between 8,640 and 8,700 is possible for some time.
A decisive breakout on either side of 8,640 or 8,700 will then decide the next leg of move. Traders can stay out of the market at the moment.
A strong break below 8,640 can drag the index futures lower to 8,600. On the other hand, a decisive break above 8,700 can take it higher to 8,735 and 8,750.
Strategy: Stay out of the market
S upports: 8,660, 8,640
Resistances: 8,680, 8,700
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