Nifty 50 September Futures (8,881)
The Nifty futures contract started the session on a flat note, opening at 8,885 levels. After marking an intra-day high at 8,889, it began to decline and entered the negative territory.
The contract remains volatile. It recorded intra-day low at 8,867 and broadly trades in the band between 8,870 and 8,890. The contract also has a significant resistance at 8,900. The advance/decline ratio is almost equal.
Traders should desist from taking any fresh positions as long as the contract moves in the band between 8,870 and 8,900 levels.
Strong breakthrough of the immediate resistance at 8,900 can strengthen the bullish momentum and take the contract higher to 8,920 and 8,950 levels.
Conversely, a slump below 8,870 can pull the contract to the next supports. Key supports below 8,870 are at 8,850 and 8,830 levels.
Strategy : Desist from taking fresh positions on the contract as long as it trades in the range between 8,870 and 8,900.
Supports : 8,870 and 8,850
Resistances : 8,900 and 8,920
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