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Nifty January Futures (8,325) The Nifty futures contract continues to retain its 8,285-8,355 sideways range. The contract opened lower at 8,320 and fell to a low of 8,295.2. However, it immediately reversed higher from this low, and is currently poised at the mid-point of its sideways range. Since almost all the global markets are closed today for the New Year holiday, volumes in the Indian markets could remain thin. The contract has an equal chance of moving on either side from current levels. So traders can stay out of the market at the moment.
Due to the low volumes, Nifty futures could remain in the 8,285-8,355 range today. Traders can wait for dips and go long near 8,300, with a stop-loss at 8,280 for the target of 8,335.
A breakout on either side of 8,285-8,355 will decide the next trend for the contract.
Strategy: Go long on dips near 8,300 with a stop-loss at 8,280
Supports: 8,285, 8,260
Resistances: 8,355, 8,400
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