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Nifty 50 September Futures (8,915)
The Nifty 50 futures contract has not been gaining the momentum to rise past the psychological 9,000-mark over the last couple of days. The contract opened with a gap-down at 8,962 and fell sharply to a low of 8,897 on Friday. Key intra-day support is at 8,890. As long as the contract stays above 8,890, it can remain range-bound between 8,890 and 9,000 for a few days. A break-out on either side of this range will then decide the next leg of move. Intermediate resistances are at 8,935 and 8,950.
A strong break above 9,000 is needed for the contract to gain fresh momentum and rise further.
On the other hand, a break below 8,890 can drag it to 8,860 or 8,850 during the day.
Traders can stay out of the market until a clear trend emerges.
Strategy: Remain on the sidelines
S upports: 8,890, 8,860
Resistances: 8,935, 8,950
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