Nifty 50 January futures (10,940)
The Nifty 50 futures contract has been trading mixed over the last few days. The contract has been stuck in a sideways range between 10,850 and 11,000 over the last one week. Within this range, the contract has bounced higher over the past few sessions, after making a low of 10,888.
Immediate support is at 10,925. As long as the contract trades above this support, there is a strong likelihood of it moving higher towards 11,000 - the upper end of the range in the coming sessions.
Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 10,915 for the target of 10,990. Revise the stop-loss higher to 10,955 as soon as the contract moves up to 10,965.
The near-term view will turn negative if the index futures declines below 10,900. The next target is 10,850.
Strategy: Go long at current levels with a stop-loss at 10,915
Supports: 10,925, 10,900
Resistances: 10,970, 11,000
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