The broader 8,600-8,700 sideways range movement remains intact in the Nifty 50 futures contract. Within this range, it is stuck inside a narrow range between 8,665 and 8,685 today.
The immediate outlook is not clear. Traders can stay out of the market at the moment.
Intermediate support is in between 8,650 and 8,645 which is likely to be tested. A reversal from here can take the contract higher to 8,685 or even 8,700.
Short-term traders with high risk appetite can go long on a reversal from this support with a tight stop-loss at 8,635 for the target of 8,685.
On the other hand, if the index futures decline below 8,645, it can fall to 8,620 and 8,600.
Strategy : Go long on a reversal from 8,650 with a stop-loss at 8,635
Supports : 8,645, 8,620
Resistances : 8,685, 8,710