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Nifty 50 February Futures (10,900)
The Nifty 50 futures contract is stuck in a narrow range between 10,880 and 10,930. The bias remains negative. However, the index futures may consolidate or bounce to test the 10,960-10,980 resistance zone before declining further.
The region between 10,880-10,875 is a key support for the contract. A break below 10,875 will increase the likelihood of the contract tumbling towards 10,820 and 10,800 in the coming sessions.
Traders can wait for a rally and go short at 10,945 and 10,960. Stop-loss can be placed at 10,985 for the target of 10,860. Revise the stop-loss lower to 10,920 as soon as the contract moves down to 10,905.
The index futures will get a breather only if it breaks above 10,980 decisively. The next target is 11,050. But such a strong upmove breaking above 10,980 looks less likely at the moment.
Strategy: Wait for a rally and go short at 10,945 and 10,960 with a stop-loss at 10,985
Supports: 10,875, 10,820
Resistances: 10,960, 10,980
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