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Nifty December Futures (8,565) The Nifty futures contract is stuck in a narrow range between 8,545 and 8,580 today, within the broad 8,540-8,600 range it has been trading in so far this week.
The contract is currently poised at the middle of this range and there is a 50-50 chance of it moving in either direction from hereon. The immediate outlook is thus unclear.
Traders can stay on the sidelines for now and wait for a clear breakout on either side of the 8,540-8,600 range. This will provide clear signs of the next trend.
A breach of 8,600 will be bullish and can take the contract higher to 8,640. On the other hand, a break below 8,540 can drag the contract lower to 8,500.
Strategy: Stay out of the market until a clear signal emerges
Supports: 8,540, 8,500
Resistances: 8,580, 8,600
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