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Nifty 50 Jan Futures (10,485)
The Nifty 50 futures contract is stuck in a narrow range between 10,463 and 10,498. The immediate outlook is unclear. Resistance is at 10,510 and support is at 10,455.
A breakout on either side of 10,510 or 10,455 will give a clear cue on the next trend. Until then a rangebound move between these two levels can be seen. Traders can stay out of the market until a clear trend emerges.
If the contract manages to breach 10,510 decisively, it can gain fresh momentum. Such a break can take it higher to 10,535 and 10,560. On the other hand, if the contract breaks below 10,455 it can decline to 10,435. The level of 10,435 is a crucial near-term support.
If the index futures breaks below this support, it can come under renewed pressure. In such a scenario, the possiblity of the contract falling to 10,400 or even lower levels will increase on the back of profit-booking.
Strategy : Stay out of the market
Supports : 10,455, 10,435
Resistances : 10,510, 10,535
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