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The Nifty 50 futures contract is trading higher but is stuck in a narrow range between 7,950 and 7,980. The immediate outlook is not clear.
Support is at 7,950 and resistance is at 8,000. A breakout on either side of these levels will decide the next move for the contract. Traders can stay out of the market until the breakout gives a clear trade signal.
A strong rally above 8,000 can take it higher to 8,020 and 8,050. Such a break will also boost the bullish momentum and open doors for the next short-term targets of 8,100 and 8,150 that can be tested thereafter.
On the other hand, declines below 7,950 can pull the index futures lower to 7,930 and 7,900. In such a scenario, the broader 7,700-8,000 range will remain intact.
Strategy : Stay out of the market
Supports: 7,950, 7,930
Resistances : 8,000, 8,020
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