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Nifty 50 October futures (10,026) The Nifty futures contract started the session in the green. It opened with a gap-up at 10,018 levels, taking cues from the global markets. The contract, however, dipped immediately and found support at the intra-day low of 9,995 levels. A key support around 10,000 is providing a base for the contract.
After testing this support, the contract resumed its up-move and breached the near-term resistance level of 10,030. It recorded an intra-day high of 10,048 levels, facing resistance at 10,050 levels. The contract subsequently reversed direction and started to decline.
The market breadth of the index is evenly poised between advances and declines. Traders with a near-term perspective can buy the contract on a strong rally above 10,030 levels, with a stop-loss at 10,025 levels. The contract can test resistance at 10,050 levels. A strong break above this hurdle can push the contract higher to 10,075 and 10,090 levels in the near term. On the other hand, the contract has key support in the band between 9,995 and 10,000. An emphatic break below this support can bring back selling pressure and drag the contract down to 9,970 and 9,950 levels.
Strategy: Buy the contact on a strong move beyond 10,030 levels with a stop-loss placed at 10,025 levels.
Supports: 10,000 and 9,975
Resistances: 10,030 and 10,050
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